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Gold down to $1,295 per ounce - Sabaek

Gold down to $1,295 per ounce - Sabaek
Gold has fallen by more than $70 per ounce in 2017

Mubasher: Gold prices went down by $23 to reach $1,295 per ounce in last week's trading in New York New Mix market, according to Sabaek Al-Kuwait Company.

Kuwait News Agency (KUNA) reported that the company added in its weekly report on Sunday that the yellow metal went down due to various reasons, such as the recovering US dollar and a new sentiment for bold trading among stock and bond dealers.

Gold trades have dropped to the lowest level in three weeks, with the rate hovering at the level of $1,287 per ounce, due to profit bagging and corrections in aftermath of Wednesday's Federal Reserve meeting.

The report expected the precious metal would rally again in the foreseeable future, in light of consecutive increases by the euro, along with other European currencies, in addition to unstable geopolitical conditions.

Although the gold has fallen by more than $70 per ounce, it has retained its earnings year-to-date, above 12.5%, the report indicated.