Gold price stands at $1,195 per ounce

Gold prices stood at the level of USD 1,195 per ounce last week, which was marked by the absence of most investors due to Christmas holidays, an economic report showed here on Sunday.
Many investors only preferred to watch the price movement and were reluctant to open new sales points by the end of this year, said the report compiled by Sabaek Al-Kuwait Company for Precious Metals.
Selling is anticipated to outweigh buying in the next few days owing to the accounting closing process, it said, noting that gold performance was characterized by equal prices throughout the year.
Should gold price stand at USD 1,200 per ounce in the last week of 2014, it will be an unexpected gain especially for analyzers who bet that the price would be below the USD 1,150 level, the report indicated.
The current prices of the yellow metal is the outgrowth of a whole year's trading when gold came under much pressure posed by the US dollar and stock exchanges amid fierce competition over the attraction of liquidity, it said.
Meanwhile, silver was closed at the level of USD 16.1 per ounce, which was a good price despite profit-taking operations and online speculations, it added.
Platinum and palladium prices amounted to USD 1,217 and USD 818 per ounce last week respectively, according to Sabaek's weekly report on precious metals.