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Gold prices surge to record high amid tensions

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KUWAIT: Gold prices soared to an all-time high of $3,022 per ounce at the close of last week’s trading, driven by persistent global economic and geopolitical uncertainties, alongside tempered expectations regarding US interest rates. A specialized report by Kuwaiti bullion company Dar Al-Sabayek, issued on Sunday, revealed that gold had briefly touched a historic peak of $3,057 per ounce in midweek trading before retreating slightly due to profit-taking by investors capitalizing on the unprecedented surge in the precious metal.

Despite the slight decline, the report highlighted that gold registered gains for the third consecutive week, climbing by 0.7 percent since the start of last week. The upward trend was largely attributed to market anticipation of a reduction in US interest rates in the near term. The report further noted that while the US Federal Reserve maintained interest rates at its most recent meeting, it signaled the possibility of two rate cuts this year, enhancing gold’s appeal as a safe-haven asset amid ongoing economic uncertainties.

Geopolitical tensions remained a key driver of demand for gold. The report cited the ongoing conflict in the Gaza Strip and missile strikes from Yemen targeting US warships in the Red Sea as major factors contributing to heightened investor interest in gold as a hedge against global instability. However, the strengthening of the US dollar index, which reached 104.06 points, exerted downward pressure on gold prices by increasing its cost for foreign investors.

Last week’s record-breaking levels underscored growing concerns over the future of the global economy and escalating political risks, prompting investors to increase gold purchases as a protective measure. The report also pointed to US trade policies under former President Donald Trump, particularly the imposition of tariffs under the “America First” strategy, as a continued source of uncertainty affecting global markets.

These policies have fueled trade tensions, unsettled financial markets, and further driven investors toward gold as a means of safeguarding their portfolios. Looking ahead, the report anticipates that geopolitical instability will remain a significant factor supporting gold prices in the short term, with ongoing military escalation in Gaza, the crisis in Ukraine, and tensions in the Red Sea contributing to regional volatility. 

Forecasts suggest that gold prices could reach $3,500 per ounce by the end of the year, contingent on continued accommodative monetary policies in the US and a heightened risk of economic recession. Market participants are also closely monitoring key economic data releases this week, which could influence both gold prices and the US dollar’s trajectory. These include statements from Federal Reserve officials on monetary policy, personal income and spending figures, and the personal consumption expenditures price index.

On the local front, the Dar Al-Sabayek report noted that the price of 24-karat gold stood at KD 30.15 per gram (approximately $92), while 22-karat gold was priced at KD 27.54 per gram (around $84). Meanwhile, silver prices remained stable at KD 368 per kilogram (roughly $1,202). The report also clarified that an ounce, as a unit of measurement for precious metals, equals 31.103 grams, distinguishing it from its standard weight measurement of 28.349 grams. With continued economic and geopolitical uncertainty, gold remains a crucial asset for investors seeking stability amid volatile global conditions.- KUNA

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Indian Ambassador’s message on 79th Independence Day

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By Dr Adarsh Swaika, Ambassador of India to Kuwait

On the special occasion of India’s 79th Independence Day, I extend my heartfelt greetings to all Indian nationals and persons of Indian origin residing in Kuwait. I also take this opportunity to convey my profound gratitude to the leadership, government and people of Kuwait for their steadfast support for close and friendly ties between our two countries. India remains committed to further strengthening and expanding this long-standing and time-tested relationship.

Today, as we celebrate 79 years since our Independence, we take pride in India’s many achievements during these 8 decades. Our commitment to equitable development has been the cornerstone of our socio-economic policies. The principles of democracy, pluralism, and unity in diversity are deeply embedded in Indian society, guided by the ancient philosophy of ‘Vasudhaiva Kutumbakam’ (the world is one family), which also shapes our foreign policy.

India today is a land of a billion opportunities, with a robust economy that has made significant strides despite global challenges in an uncertain geopolitical environment. India has recently become the 4th largest economy in the world and is poised to become the 3rd largest economy in the next couple of years. Our ‘Atmanirbhar’ program through the flagship ‘Make in India’ initiative is not only designed to make us self-reliant but become an integral part of global supply chains.

Today we are known in the world for many things – Pharmacy of the World, leader in space technology, delivery of digital solutions worldwide by our IT companies, thriving startup ecosystem with exponential increase in number of unicorns, innovation and technological advancements and so. The recent events have also established us as a reliable manufacturer and exporter of state-of-art defense equipments. There has never been a better time to invest in India, with unprecedented momentum in modernizing our physical and digital infrastructure. India has made significant improvements in the World Bank’s Ease of Doing Business rankings, the Global Innovation Index, and is recognized as a key driver of the global economy.

India has been resolute in its ‘Zero Tolerance’ approach towards terrorism. The resolute stance against cross-border terrorism taken by India recently through ‘Operation Sindoor’ in the wake of the horrific Pahalgam terror attack shows the determination of India to fight this menace through its ‘New Normal’ approach.

On the international stage, India continues to play a vital role in promoting global peace, stability, and prosperity. India has taken leadership role on global issues of relevance and concern, including reforming multilateral institutions like the UN Security Council and issues of climate change, affordable energy access, food security etc.

An epochal event in our bilateral relations with Kuwait was the long-awaited visit of Prime Minister of India Narendra Modi to Kuwait in December, 2024. The visit was historic in many respects – conferment of Kuwait’s highest honor of the ‘Order of Mubarak Al-Kabeer’ on Hon’ble Prime Minister by His Highness the Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and upgradation of our relationship to that of ‘Strategic Partnership’.

The back-to-back visits of Foreign Ministers of both countries prepared the agenda and successful outcomes of the high-level visit. Bilateral relations with Kuwait have become more broad-based in the last year with setting up of 7 new institutional mechanisms in areas of mutual interest. Bilateral trade and investments are growing and are expected to grow at a much greater pace. Our cultural connections resonate well with our Kuwaiti friends, and people-to-people contacts form the foundation of our bilateral relations. The Indian community continues to be the largest and the community of first preference in Kuwait.

The Indian Embassy considers the welfare and well-being of the Indian community in Kuwait, as over-riding priority, serving as a ‘Home Away from Home’. I take this opportunity to extend my sincere appreciation to Indian community associations, professional bodies, cultural groups, media representatives and all those who are making efforts to strengthen our bilateral relations with Kuwait in their own way and support the community members in distress.

On this proud and joyous occasion of India’s 79th Independence Day, I wish every Indian in Kuwait and all friends of India in Kuwait, success, good health and happiness.

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Kuwait to experience extreme hot weather during the day and hot to warm weather with relatively high humidity at night

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 KUWAIT: The Meteorological Department said that the country will experience extremely hot weather during the day and hot to warm weather with relatively high humidity at night over the weekend. The director of the department, Dharar Al-Ali, said that the country will be affected by a hot and relatively humid air mass, especially in coastal areas and nearby areas, starting Friday, accompanied by chances of light fog during the late hours of the night and early morning in some areas, especially coastal areas.

Al-Ali added that the weather on Thursday will be extremely hot, with northwesterly to variable winds of light to moderate speed between 8 and 38 kilometers per hour, some high clouds, and maximum temperatures expected to range between 47 and 49 degrees Celsius.

The sea will be calm to moderate with waves between 1 and 5 feet. He explained that tonight’s weather will be hot to warm, with variable winds from the northwest at light to moderate speeds between 8 and 28 kilometers per hour, some high clouds, and expected minimum temperatures ranging between 32 and 34 degrees Celsius.

The sea will be calm to moderate with waves between 1 and 3 feet. He said that tomorrow, Friday, will be very hot and relatively humid, especially in coastal areas, with northwesterly to southeasterly winds blowing at light to moderate speeds of between 10 and 38 kilometers per hour.

There will be some scattered clouds, with maximum temperatures expected to range between 46 and 48 degrees Celsius. The sea will be will be calm to moderate with waves between 2 and 5 feet.

He added that tomorrow night will be hot to warm and humid, especially in coastal areas, with variable winds blowing from the southeast at light to moderate speeds of between 6 and 28 kilometers per hour.

There will be some scattered clouds with a chance of light fog, and minimum temperatures are expected to range between 29 and 31 degrees Celsius, and the sea will be calm to moderate with waves between 1 and 4 feet.

Al-Ali said that the weather on Saturday will be very hot and relatively humid, especially in coastal areas, with variable winds blowing from the southeast at light to moderate speeds ranging between 8 and 35 kilometers per hour. There will be some scattered clouds, and maximum temperatures are expected to range between 45 and 47 degrees Celsius The sea will be calm to moderate with waves between 1 and 5 feet.

He noted that Saturday night will be hot to warm and relatively humid, especially in coastal areas, with partly cloudy skies and variable winds blowing from the northwest at light to moderate speeds ranging between 8 and 30 kilometers per hour.

The expected minimum temperatures will range between 31 and 33 degrees Celsius, and the sea will be calm to moderate with waves ranging between 1 and 4 feet. — KUNA

 

 

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Pakistan Embassy in Kuwait marks Independence Day

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KUWAIT: To commemorate the 78th anniversary of Pakistan’s Independence, the Embassy of Pakistan in Kuwait organized a flag hoisting ceremony at the Chancery on 14 August 2025. The ceremony was well attended by a large number of Pakistani community members, including women and children.

Special messages from the President, Prime Minister and the Deputy Prime Minister/Foreign Minister of Pakistan were read out before the audience.

Ambassador, in his remarks, felicitated all fellow Pakistanis and highlighted the significance of the Day. He paid his tribute to our forefathers, whose sacrifices led to the creation of a separate homeland for the Muslims of the Subcontinent. He also praised the valiant armed forces of Pakistan for their resounding victory against its arch enemy in Marka-e-Haq.

The Ambassador urged Pakistani community in Kuwait to work diligently and wholeheartedly towards the progress and development of Pakistan. He acknowledged the contribution made by Pakistani community in Kuwait towards the progress and development of both nations. Musical performances were also made by the children as well as Pakistani singers on famous national songs. A cake cutting ceremony also took place during the event.

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