Gold price hits new record on local market

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.