Gold prices significantly dropped by 2.6 percent, reaching USD 1,167 per ounce at trades' closing the past week.
SABAYIKS Gold Kuwait company said in a report issued on Sunday that bearish oil prices and rise of US dollar rates heavily affected gold prices, following stability in the range of USD 1,200 per ounce, in the past weeks.
OPEC's fresh decision to abstain from slashing oil output to try push the crude prices up resulted in heavier pressure by the greenback on the gold prices, contrary to forecasts that the yellow metal price would reached up to 1,240 per ounce.
The yellow metal, now, appears less lucrative for investors, as compared to the USD and major European currencies.
The report forecast further pressure on the gold prices, in the foreseeable future, but there remains a possibility that the prices may turn bullish, anew, due to significant demand.