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Mideast tensions push gold prices to new highs

Gold prices hit a new peak at $2,390 per ounce on Friday due to tensions in the Middle East. A report from Dar Al-Sabaek on Sunday noted that investors view gold as a safe haven during uncertain times. Gold futures held steady at $2,431 an ounce, showing strong demand as investors and central banks worldwide consider increasing gold purchases until June. Despite positive US economic indicators, such as retail sales and purchasing managers’ indices, and the US dollar index at 106.1 points, gold prices remained resilient due to current geopolitical tensions. The US Federal Reserve maintained interest rates between 5.25 and 5.5 percent to counter ongoing inflation. Analysts await personal consumption expenditure data next Friday for insights into future inflation rates. Gold’s appeal as a safe investment is expected to remain stable amid this uncertainty in the short and medium terms. In local markets, 24-karat gold was priced at KD 23.89 per gram (approximately $73), 22-karat gold at KD 21.09 (approximately $67), and silver closed at KD 355 per kilogram (approximately $1,008).

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