Gold price down to Kuwaiti dinar 363.8 per ounce in local markets

The price of gold ounce in domestic transactions was down by midday Tuesday reaching KD 363.8 per ounce, Ministry of Commerce and Industry said. According to official figures of the ministry, gold of (24,21,18 karats) recorded KD 12.1, KD 10.6, and KD 9 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.