Gold price reaches 393.6 Kuwaiti dinar per ounce in local markets

The price of gold in domestic transactions reached KD 393.6 per ounce Wednesday, while the selling price reached KD 12, 654 per kilo, Ministry of Commerce and Industry reported. According to official figures, gold (24,21,18 karats) recorded KD 12.9, KD 11.9, and KD 9.8, respectively. The precious metal prices suffered a drop in global markets after inflammation levels in the United States, and the United Kingdom became stable, "the need of investors to buy gold totally stopped, in order to hedge against inflation." Markets are awaiting results of the US Federal Reserve monetary committee related to determining the monetary policies of the Reserve during the coming period, regarding that, forecasts indicate the possibility that the Reserve would reduce the asset purchasing program after the recovery of the local economy. A matter that would push the gold prices to drop. The rise of USD rate which is measured compared to a basket of major world currencies, affected the drop of the gold price.