While Gold prices registered best monthly performance in two and a half years, prices in last week’s trading fell back to USD 1,969 per ounce.
A report issued by Dar Al-Sabaek said that gold prices began to regress on Friday after American data showed slowing inflation rate of a three percent rise in February compared to January’s five percent.
The precious metal has seen its finest month since July of 2020 as investors, driven by disruption in banking sector and fluctuations in stock market flocked to the safe refuge, prompting the upward hike in prices.
Analysts expect inflation rates to continue to slow down as new disruptions arise in western banking system, especially as British Barclays warned that the crisis is far from over.
As for local market, the report mentioned that the price of one gram of 24-carat gold reached KD 19.42 whereas the 22-carat gram reached KD 17.28.
Source: Kuwait News Agency