The precious yellow metal has slightly declined at the end of last week trading, according to a report by Sabaek Al-Kuwait Company.
Driven by the disclosure of positive U.S. economic data, the gold closed on Saturday's trading at the New York Mercantile Exchange (NYMEX) closing at USD 1,305 per ounce, down USD 5 per ounce compared with its price at the start of the week. The US positive economic data pushed the US Dollar exchange rate up at the expense of gold and other major world currencies, said the report.
Earlier this week, gold prices started taking a downward trend after break of the resistance point of USD 1,300 per ounce, said the report, adding that there were expectations that the retreat will go on to reach the level of USD 1,282 per ounce.
However, the high demand, which started at USD 1,293 level per ounce, have pushed prices up again to reach over USD 1,300 level per ounce by last weekend, the report noted.
The silver price has declined by 50 cents per ounce since early last week as NYMEX closed at USD 19.56 per ounce, said the report, adding that platinum lost USD 18 per ounce to reach USD 1,456 per ounce, while palladium increased USD 31 per ounce to close at USD 894 per ounce, the report said.