KUWAIT: Gold prices settled near the level of $1,800 an ounce at the end of last week, in conjunction with a US Federal Reserve (the Central Bank) decision to raise the interest rate by half a percentage point. In a report the Kuwaiti Dar Al-Sabaek said that gold futures contracts, to be handed in February 2023, rose by 0.7 percent, equivalent to $12.4, to reach nearly $1,800 an ounce, indicated the report.

Adel Al-Fadhli, head of strategic planning and follow-up at Dar Al-Sabaek, was quoted as saying that the gold market is keeping gains, with recession fears continuing to grow, as preliminary data indicates more contraction in the manufacturing and service sectors. Al-Fadli added that gold is considered a hedge against inflation and economic uncertainty, which makes its prices go up with every upward movement of inflation indicators. As for the local market, the report showed that 24 and 21 carat gold prices were closed at KD 17.7 per gram and KD 16.3 per gram respectively, while silver was closed at KD 276 per kilogram. - KUNA