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Rise of prices in Kuwait gold market, due to international increase |
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Business News
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Friday, 06 November 2009 01:31 |
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Kuwait Gold market witnessed an increase in prices, of which the kilogram reached around KD 10,100 as a result of the International gold prices spiking in the past two days.
After a long term stability, the prices changed from KD 9,300 to increase by 8.6 percent which is the highest in the history of gold prices in Kuwait, Gold merchants said.
Gold merchants ascribed the increase of prices to the 200 tonnes of gold (worth USD 6.7 billion) which the Indian Centeral Bank bought from the IMF on Monday.
Mr. Naji Al-Za'bi, a gold shop owner told KUNA that the increase that happened internationally in the past two-days, left an obvious effect on the local market, where it witnessed a plummeting of demand approaching nearly 80 percent.
Due to the global financial crisis, the gold prices have increased continuously, yet in its history it never reached this increase in one day, Al-Za'bi added, "We hope for a decrease in price so that the pace of selling-buying of gold picks up in the local market".
Furthermore, another merchant in the gold market, Mohammad Abdulla, said that the increase has harshly affected his daily business, where he normally would sell in his shop about KD 1,500, he now sells about KD 400. - Kuna
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