Gold at kuwaiti dinar 349.1 per ounce in Kuwait market

Gold was trading for KD 349.1 per ounce in the Kuwaiti market on Tuesday, while the price was KD 11,224 per kilo. A gram of the precious metal was KD 11.2 for 24 carat, KD 9.8 for 21 carat, and KD 8.4 for 18 carat gold, as reported on the website of the Ministry of Commerce. There were little transactions in the gold market for the second day of this week as markets anticipate a statement by the US Federal Reserve Chief Ben Bernanke before Congress on Wednesday and Thursday or any other official statements regarding stimulus measures. There was little change in prices over the past two days, and the precious metal settled at USD 1,286 an ounce amid weak trading till Monday. Analysts believe the drop in prices since start of the current year was caused by Bernanke's statements hinting of taming of stimulus measures, and the yellow metal lost around a quarter of its previous value. Bernanke had last month indicated the US economy was on track in terms of recovery and an end to stimulus measures was probable around the middle of 2014, with gradual reduction of quantitative easing as of late 2013. Said statement brought gold to its lowest in three years, when an ounce traded for USD 1,180.