Published on Sunday, August 28, 2011
Gold price hits new record on local market



Latest News

The price of gold has hit a new record of KD 16, 700 per kilo on Kuwait market, a specialized economic report pointed out Sunday.
The report, issued by Al-Zomoroda group, said the record price is a natural reflection of great jumps in price on a global scale.
It noted that an ounce of gold sold for USD 1,911 on Tuesday. The gold price has grown 35 percent in 2011.
The decline of prices at the end of the week tradings to USD 1,720 per ounce after the record hikes in the recent weeks, the report said.
The report showed that the price of gold hit its lowest level in the week last Thursday settling at USD 1,706 per ounce, down more than USD 200 for Tuesday's price level due to profit-generating actions, but it restored its upward trend soon to close the week at USD 1,830 per ounce.
The report forecasts more price rises in the coming days to achieve new levels by the end of the year.
As for silver, the report said it also took upward and downward trends during the week but ended up USD 2 to 41.3 per ounce.
The high prices have taken gold sales on local market to its lowest level, the report revealed.
It also disclosed that sales of bullion surpassed the sales golden jewellary in an unprecedented phenomenon on the local market.
The price of a gram of 21-carat gold standing at KD 14.5, while a gram of 18-carat gold amounted to KD 12.5.
Express your comment on this article


Name  
Email    
Comment
characters remaining  
Human Verification Code Type the Numbers you see in the picture below.


Disclaimer: The views expressed here are strictly personal and IndiansinKuwait.com does not hold any responsibility on them. We shall endeavour to upload/publish as many of the comments that are submitted as possible within a reasonable span of time, but we do not guarantee that all comments that are submitted will be uploaded/published. Messages that harass, abuse or threaten other members; have obscene, unlawful, defamatory, libellous, hateful, or otherwise objectionable content; or have spam, commercial or advertising content or links are liable to be removed by the editors. We also reserve the right to edit the comments that do get published. Please do not post any private information unless you want it to be available publicly.
IIK Special...
Image
Who makes a nation proud?
This question obviously makes many of us think about yester year greats like Mohandas Gandhi; Sarda...

Image
Zakat: The measure of Social Welfare
As Holy month of Ramadan begins, most of the Muslims are busy with complying one of the most import...

Image
Heads are bent low… The finger moves... And they sit still!!! - Dr.Navniit Gandhi
We are different personalities, and our ideas, memories and experiences are obviously different. On...

Image
Indian “Remittance” – Change it to FDI
India tops the league table when measured in terms of net inflow of remittance even outsmarting Chi...

12345678910...
IIK Dine Out...
Image
Samrat – the newly opened Indian restaurant in Abu Halifa
The weather is getting more pleasant, and there’s always fun at a nice family dine out in an exotic...

Image
Culinary Journey to the land of Maharajas - at Salmiya Holiday Inn Jamawar Indian Restaurant
Indian Cuisine has always fascinated people all over the world. Imagine dinning in a royal atmosphe...

Image
Authentic Italian Dinning at Vapiano
Italian Cuisine has always been a Gourmet’s delight. Pizzas and Pastas have become the main dishes ...

Image
A ‘Taste of plenty’ at Curry Leaves
There’s really nothing we enjoy better than a grand cuisine, especially when it’s been done right. ...

IIK Sports...
Image
Al Bader shipping is the champions Dana Kuwait Shipping lost in finals
The SCCT finals was played on Sulaibiya Cricket grounds between Al Bader Shipping the defending cha...

Image
McDonalds Ramadan Football 8% Team emerge Champions
8% Team emerged Champions of the first McDonalds 7 a-side Ramadan Open Football Tournament held at ...

Image
Kuwait Cricket : Registration of U 19 players
Kuwait Cricket, the Governing body of cricket in Kuwait has great pleasure to invite players of U 1...

What's On...
Its your portal, its your platform, so get involved.




NEWS
WHATS'ON
ASSOCIATION NEWS
EDUCATION
IIK TECH
IIK SPORTS
LIFE STYLE
YATRA
DINE-OUT
AUTOMOBILE
IIK YOUNG REPORTER
CLASSIFIEDS
FORUM
GREETINGS
GALLERY
ENTERTAINMENT
PLACES IN KUWAIT
CONTACT US