Gold price continued a downturn for the fourth week in row, as it ended last week's trading down to USD 1,129.6 per ounce, its lowest since April 2010, Sabaek AlKuwait Company for Precious Metals has said.
The weekly Sabaek report issued on Sunday attributed the fall to a stronger US dollar against other major currencies, in addition to a decline in demand on the yellow metal on the world markets.
It also cited a relative loss of investors' confidence in gold as a safe haven.
Though gold price exceeded USD 1,132 on Friday, the report expects the downward trend to carry on over the coming days as the US dollar is gaining more power, besides favorable data from the US markets, Sabaek noted.
Supposedly, the current economic conditions should push gold price higher, but a stronger US dollar and the rise of indices from the US constituted 90 percent of the factors that caused it to fall, CEO Rajab Hamed said.
As for silver, he said that it has dropped for the fourth successive week as it fell by 4.5 percent last week, to USD14.64 per ounce.
It happened last week for the first time since 2009 that New York Mercantile Exchange (NYMEX) closed with silver price below USD 15, due to weak demand and absence of support for buying from European and Asian markets. On the local market, Hamed said that it was "calm" at the start of the week, then it saw little recovery as gold went down.
There was a gradual recovery in sales of the raw ad manufactured gold on Tuesday through Wednesday, he noted.