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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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Exit permit now mandatory for expat workers

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KUWAIT: A decision mandating expatriates working in the private sector to obtain an exit permit with the prior approval of their employers comes into effect on Tuesday, July 1, 2025. Employees need to apply through the Sahel app or the Public Authority of Manpower’s website. The employer must then approve the request online before the authority issues the permit. The decision applies to private sector employees who have residency under article 18. Those who have article 19 residency – self-sponsored – are not required to obtain the exit permit.

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410 students benefit from Educational Care Bank project

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KUWAIT: Al-Safa Charitable Society announced that 410 students across various educational stages have benefited from the Educational Care Bank project for the 2024-2025 academic year. The initiative, implemented in collaboration with the General Secretariat of Endowments, provided a total of KD 100,000 (approximately $330,000) in educational support within Kuwait. Chairman of Al-Safa’s Board of Directors Mohammad Al-Shaya said in a press statement on Monday that the project reflects a shared commitment to supporting future generations by creating an educational environment free from financial obstacles. He emphasized that the initiative also aims to alleviate the financial burden faced by low-income families amid ongoing economic challenges.

Al-Shaya praised the General Secretariat of Endowments for its continued sponsorship of impactful and innovative projects that serve the community, particularly those focused on education. He noted that the Secretariat’s support for this program underscores its strong belief in education as a cornerstone for societal advancement and sustainable development. He added that Al-Safa Charitable Society, through this partnership, seeks to nurture a knowledgeable and responsible generation capable of contributing meaningfully to national development. The project, he explained, targets students who face difficulty in paying tuition fees, reaffirming the association’s belief in the right to education for all—without discrimination or financial barriers. — KUNA

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97,000 reverts and counting: IPC’s role in spreading Islam

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KUWAIT: Although it has been three months since the end of Ramadan, Islamic da’wah in Kuwait is far from limited to the holy month. Through organizations like the Islam Presentation Committee (IPC) — one of the country’s largest and oldest da’wah institutions — outreach efforts continue year-round. Since its founding in 1987, IPC has helped more than 97,000 people embrace Islam, including 2,702 in the past year alone. With over 3.4 million expatriates living in Kuwait — many from diverse religious backgrounds — the country often becomes more than just a place of work.

For many, it becomes the first space where they encounter Islam in a meaningful way. IPC’s efforts extend beyond traditional settings like mosques and religious centers. Thanks to the organization’s efforts, this Ramadan Kuwait did experience a significant increase in conversions to Islam, marking the highest number of conversions in the past seven years. Approximately 730 individuals from various nationalities embraced Islam by the 29th day of Ramadan.

This achievement is attributed to the efforts of 78 male and female preachers and the success of the “Change Their Lives” campaign, which included lectures and the distribution of preaching materials across the country. Much of IPC’s outreach focuses on laborers and domestic workers, meeting them in everyday environments such as markets, salons, workplaces, hospitals, farms, labor inspection offices, and even deportation centers.

Following initial outreach, new reverts begin a structured learning journey starting with a “Basic Islam” course that covers essential beliefs and practices. As they progress, students can enroll in advanced courses on Quranic interpretation, Tajweed, Islamic jurisprudence, Prophetic biography, and Islamic history — all offered free of charge.

Available in 14 languages

Arabic language classes are also available for non-native speakers, including non-Muslims who wish to understand Islamic texts or culture. IPC also supports lifelong Muslims, recognizing that many — especially those from non-Arabic-speaking countries — may never have had the chance to study Islam formally. “We don’t just teach the students — we create a community for them,” said Haya Alawadhi, head of IPC’s Salmiya branch. “A good circle of friends, emotional support from teachers and staff, and even financial assistance when needed.”

Many new Muslims face personal challenges — including separation from family and friends. IPC responds by fostering a family-like environment where instructors and fellow students offer compassion, inclusion and support. After carefully assessing individual needs, IPC also provides financial aid and job placement assistance to ease the transition. With lectures and materials available in 14 languages, the organization ensures accessibility for newcomers of all backgrounds. In 2024 alone, the committee recorded 8,455 students from 39 nationalities enrolled in its programs.

“We don’t call each other by titles”

“We don’t call each other by titles,” Alawadhi added. “We say ‘sister’ and ‘brother.’ You might find an American sitting next to an Asian or a European, and everyone is treated the same. If someone walks in with bias, it fades once they become part of this place.” To further its reach, IPC has expanded into digital outreach, offering social media campaigns, interactive online lectures, and Islamic content to engage younger audiences and remote learners.

IPC’s da’wah efforts are not limited to blue-collar communities. The organization also engages diplomats, professionals, and high-profile guests, presenting them with traditional Kuwaiti gift boxes that include a translated Quran, a tourism brochure, and Islamic educational materials. In 2024 alone, IPC organized around 881 training courses. Alawadhi also shared that IPC trains new Muslims to become future Islamic educators and preachers. “Some of our most active preachers today were once IPC students who converted to Islam,” she added. IPC runs around 14 branches and centers that are spread across Kuwait’s governorates.

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