Gold prices turn bullish

Gold prices significantly rose reaching USD 1,189 per ounce at trades' closing the past week.
SABAYIKS Gold Kuwait company said in a report issued on Sunday that previous forecast anticipated that the gold price would fall to USD 1,146 per ounce, however it rebounded, gaining USD 21.
Hefty purchase of the precious metal by investment portfolios and drop of the USD rate vis as vis European currencies are some of the factors that nudged the price to move down.
The report indicated that the gold price might conclude the current year at the level lower than USD 1,200 per ounce. It also speculated that it might cross the USD 1,100 barrier, citing other factors behind the anticipated bearish trend, such as Asian markets' abstention from purchase and US schemes to stimulate the economy.