Gold ends week at $4,348 amid rate decision
Gold prices ended the week at around $4,348 per ounce, with trading showing volatility as markets awaited the U.S. Federal Reserve's decisions regarding interest rates. Despite U.S. inflation rising by 0.4% month-on-month and 3.4% annually, the chances of rate hikes increased to about 85%, putting pressure on gold. However, gold regained some of its gains thanks to declines in bond yields and a stable dollar. It is expected that the gold price will remain near the $4,348 level, with a significant resistance at $4,400. If it manages to break this level, it could continue upward to $4,450 and $4,500. Conversely, continued declines could push prices toward $4,300 and $4,282. In the local Kuwaiti market, the price of a gram of 24-karat gold is influenced by the global ounce movements, recording approximately 43.5 Kuwaiti dinars (around $140). Expectations are for price movements to align with international market trends and potential monetary policy decisions.
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