Kuwaiti Gold prices rise

Gold prices remained bullish for the second consecutive week settling at USD 1,294 per ounce in end of last week's operations. Gold price closed with a USD 14 rise compared to the price at the week start, approaching the psychological barrier, USD 1,300 per ounce, said Chief Executive Officer of "Sabaek Al-Kuwait" Rajab Hamed in a statement. Hamed said gold prices, last Wednesday, turned bullish after US Federal Reserve Chairman Ben Bernanke declared new incentives to shore up the economy, effective till the year-end. Bernanke's announcement greatly contributed to hiking gold prices, amid hefty purchase and forecast further hikes in the current year quarter, buoyed by higher investments and individuals' demand, he said. There is significant demand for the yellow metal and ounces, namely the 1-100-gram ounces, he said. Meanwhile, manufacturers increased queries for the metal. Hamed opined that now is a good opportunity to buy gold amid noticeable sales of jewelries of all karats.