The price of gold globally reached USD 1,222 per ounce last week due to the contraction witnessed in world markets, said a specialized report here Sunday.
A report by Sabayik Al-Kuwait for precious metals and trade company said that the increase was due to the losses recorded in global stock markets as well as the decrease in the price of oil.
The report predicted that the gold price will be between USD 1,205 and 1,240 per ounce for a short-while before the upcoming holiday season.
As for silver, the report indicated that the mineral was sold at USD 17 per ounce during last week.
Other precious metals such as platinum and palladium sold at USD 1,229, and 815 respectively.
Raw gold was sold at USD 11,500 per kilo, said the report.