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Gold prices dip as Kuwait awaits global market cues
🇰🇼 Kuwait /Economy & Trade

Gold prices dip as Kuwait awaits global market cues

From Arab Times · () English

Summarized and contextualized by DistantNews.

At a glance

News From a news agency Context piece
  • Gold prices in Kuwait are influenced by global market trends, with 24-karat gold at KD 40.710 per gram.
  • International gold prices fell last week due to a stronger US dollar and rising US Treasury yields, despite a monthly gain in July.
  • Market focus is on the US Federal Reserve's next monetary policy steps, with recent economic data showing slowing GDP growth and declining inflation.

Gold prices in Kuwait are closely tracking global market movements, with the price of one gram of 24-karat gold reaching KD 40.710 (approximately $132). The local market anticipates continued influence from international gold trends, US dollar fluctuations, and upcoming economic data.

Internationally, gold experienced a dip last week, falling over 1.5 percent to close at $4,043 per ounce. This decline was attributed to a recovery in the US dollar and a rise in US Treasury yields, which made yield-generating assets more attractive than non-yielding gold.

Despite the weekly downturn, gold recorded its first monthly gain since February, increasing by nearly 0.5 percent in July. However, the market's attention is now shifting to the US Federal Reserve's future monetary policy decisions. Recent US economic data, including a slowdown in GDP growth to 1.5 percent and a decrease in the core PCE inflation index to 3.3 percent, have tempered expectations of further interest rate hikes.

DistantNews Editorial

Originally published by Arab Times. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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