The price of gold rose today in Kuwait, Saturday, March 26, 2022, with the start of the weekend in the global gold markets.
Gold price today in Kuwait
The average price of a gram of 24-carat gold today in Kuwait increased to about 19.16 dinars ($63).
The average price of a gram of 18 karat gold today in Kuwait rose to about 14.37 dinars ($ 47.25).
Regarding economic gold prices today in Kuwait, the average price of a gram of 14 karat gold was about 11.18 dinars ($ 36.75).
While the average price of a gram of 12-carat gold today in Kuwait was about 9.58 dinars ($31.50).
The price of 21 karat gold today in Kuwait
The average price of a gram of 21 karat gold today in Kuwait, (the most traded in the market), rose to about 16.77 dinars ($ 55.13).
The average price of an ounce in Kuwait also increased today, to about 595.95 dinars (1959 dollars).
While the average price of the gold pound today in Kuwait (8 grams of 21 karat), was about 134.14 dinars ($441.03).
Gold prices today globally
Globally, gold prices fell when settling Friday’s trading session (the last session of the week), but it recorded weekly gains in light of the escalating state of anxiety about the Russian-Ukrainian war and inflationary pressures.
The United States and its allies held more meetings yesterday to discuss developments in the Ukrainian war, after US President Joe Biden and European Commission President Ursula von der Leyen announced the formation of a joint team to reduce the bloc’s dependence on Russian energy supplies.
Separately, US Treasury Secretary Janet Yellen said in an interview with CNBC that she expects the strong performance of the US economy to continue despite rising energy and commodity prices.
The University of Michigan report showed that the US consumer confidence index recorded 59.4 points during the final reading for the month of March, which is the lowest level in 10 years, compared to 62.8 points in the previous February. Consumers also expected inflation to rise to 5.4% next year.
The acceleration of inflation in the United States prompted more members of the Federal Reserve to support raising interest rates by 50 basis points. May be appropriate depending on economic data.
The price of gold futures contracts for April delivery fell 0.4%, or $8, to reach $1,954.20 an ounce when the trading session was settled on Friday, but it recorded weekly gains of about 1.3 percent.
The price of gold for June delivery also fell by 0.4%, or $7.90, to reach $1959.80 an ounce upon settlement, while its weekly gains exceeded 1.3%.