Gold downs below 1700$

Refraining from trading and closing of operation centers led the price of gold to fall in global stock markets below the level of USD 1,700 per ounce, a specialized economic report revealed here on Sunday. Sabaek Al-Kuwait Company, in its report, said that gold trading last week was affected by many factors, chiefly refraining from trading by many investors and that has helped to stabilize prices in most trading, sessions last week. It explained that the price of gold went up from the start of the week to reach USD 1,723 per ounce, but quickly fell due to negative data on the US economy, as the scenario of the (financing gap) portends contraction in the economy if a raise in the debt ceiling is not reached. It also predicted continued price volatility until the last week of this year with the rise of the euro to its highest level and the return of risk on financial investments supported by the decision of European finance ministers for the release of the aid package for Greece. However gold prices settled below USD 1,700 to end trading at USD 1,696 per ounce