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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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Kuwait population reaches 5.099 million; Budget revenues could hit KD 18.276bn

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KUWAIT: The total population in Kuwait reached approximately 5.099 million people by the end of June 2025, marking a growth of about 2.2 percent—or an absolute increase of around 111,000 people—compared to the end of 2024 when the population was 4.988 million, according to the data released by the Public Authority for Civil Information. The PACI has released the latest detailed data on population and labor statistics as of the end of June 2025.

The proportion of Kuwaitis in the total population also dropped— from about 31.7 percent at the end of the first half of 2024 to around 30.4 percent according to the latest figures. The number of Kuwaiti males, at approximately 776.7 thousand, slightly exceeds that of Kuwaiti females, at around 773.9 thousand. Meanwhile, the number of non-Kuwaiti residents increased by about 189.3 thousand people, representing a growth rate of approximately 5.6 percent, bringing their total to around 3.548 million. The compound annual growth rate (CAGR) of the non-Kuwaiti population from 2015 to June 2025 was about 2.0 percent.

The total number of workers in Kuwait reached approximately 3.142 million, representing about 61.6 percent of the total population. For Kuwaiti citizens, the employment-to-population ratio stood at about 31.7 percent of the total Kuwaiti population. Notably, the percentage of employed non-Kuwaitis out of the total non-Kuwaiti population was around 74.7 percent. When compared to the end of June 2024, the share of Kuwaiti workers within the total workforce in Kuwait decreased from about 16.6 percent to approximately 15.6 percent in June 2025.

Additionally, the proportion of female workers among the total Kuwaiti workforce declined to around 49.3 percent by the end of the first half of the current year, down from 51.2 percent in June 2024. Female workers made up around 30.3 percent of the total workforce in Kuwait. The number of employed Kuwaiti nationals declined by approximately 15.2 thousand, bringing the total to around 491.1 thousand workers, down from about 506.4 thousand at the end of June 2024. Of these, about 392.9 thousand were employed in the government sector, accounting for 80.0 percent of all working Kuwaitis. This figure differs from the 83.8 percent reported by the CSB, both entities being government institutions, which may be due to the inclusion of unemployed individuals or those on waiting lists in the latter’s figures.

It is believed that the number of openly unemployed Kuwaitis slightly increased to around 30.7 thousand individuals, representing approximately 6.2 percent of the total Kuwaiti labor force by the end of June 2025, compared to about 29.9 thousand or 5.9 percent at the end of June 2024. The total number of workers (both Kuwaiti and non-Kuwaiti) in the government sector reached about 520 thousand, which accounts for roughly 16.5 percent of the total population. Kuwaitis made up approximately 75.6 percent of all employees in the public sector.

Kuwait oil price edges up

By the end of July 2025, the fourth month of the current fiscal year 2025/2026 had concluded. The average price of Kuwaiti oil per barrel for July was around $71.4, an increase of $1.5 per barrel or by 2.2 percent compared to the June’s average of $69.9 per barrel. It was also higher by $3.4 per barrel or by 5.0 percent, compared to the new assumed price in the current budget which is set at $68 per barrel. When comparing this figure to the approved expenditures of KD 24.538 billion, it is likely that the general budget for the current fiscal year 2025/2026 will record a deficit of KD 6.262 billion. However, the dominant factor remains the developments in oil revenues and the potential for savings in expenditures.

Furthermore, the average price of Kuwaiti oil per barrel for the elapsed period of the current fiscal year stood at $69, that is lower by $10.7 or by-13.4 percent compared to the average price per barrel of the previous fiscal year 2024/2025, which was around $79.7. It is also lower by $21.5 or by 23.7 percent, compared to the breakeven price in the current budget at $90.5, according to estimates by the Ministry of Finance and following the suspension of the 10 percent deduction from total revenues for the Future Generations Reserve. It is assumed that Kuwait generated oil revenues of KD 1.352 billion in July. Assuming that production levels and prices remain unchanged, an assumption that may not hold, total oil revenues for the entire current fiscal year are expected to reach KD 15.350 billion after deducting production costs.

This figure is around KD 45 million higher than the estimated amount in the current fiscal year’s budget, which is at KD 15.305 billion. With the addition of around KD 2.926 billion in non-oil revenues, the total budget revenues for the current fiscal year would amount to KD 18.276 billion. An announcement was made on July 22, 2025, regarding the actual budget deficit (the final account) for the previous fiscal year 2024/2025, which amounted to KD 1.056 billion. However, the detailed figures of that final account have not yet been published, making it difficult to analyze the situation.

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NBK sponsors the ‘Green Adventure’ program in collaboration with LOYAC

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KUWAIT: As part of its strategic partnership with LOYAC, and within its ongoing commitment to youth and society development, NBK sponsored the “Green Adventure” program aimed to build future leaders. The “Green Adventure” program, which is a unique initiative that combines physical and educational sustainability-related activities, took place in Portugal for seven days.

Through interactive theoretical sessions and practical field activities, the program targeted instilling values of environmental responsibility and sustainability for the youth to become future leaders and change makers. In the program, the students learned sustainable natural landscape and garden designing, in addition to applying sustainable daily agricultural practices to make a positive environmental impact.

The adventure opened many golden opportunities for the participants, such as exploring Portugal’s charming nature, diverse wildlife, and unique environmental systems. They also visited the ancient Moorish castle, and they were able to build connections with same-interest individuals and experts in the field, in addition to achieving a deeper understanding of the relationship between nature and society.

This sponsorship comes as an emphasis of NBK’s leadership in social responsibility and its commitment to investing in future generations, as it firmly believes in the effectiveness of such initiatives that contribute to shaping deeper understandings of global environmental issues, which consequently builds a generation that is strongly aware and capable of facing future sustainability-related challenges.

Additionally, NBK highlights the importance of private sector and non-profit organizations collaborations that aim to achieve sustainable development, and this sponsorship is part of a wider strategy that supports initiatives of youth education and environmental development for a better future for Kuwait and the region.

In this light, NBK will continue to promote social responsibility and support all society’s segments and non-profit organizations, particularly those institutions and programs that care for the youth and address their needs and requirements for a better future, as it strongly believes in the effective role of these programs in serving society and people. LOYAC is a non-profit organization that aims to support the youth by providing training opportunities and specialized educational and volunteer development programs.

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Kuwait Acting PM, FM receive Antigua and Barbuda’s FM

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KUWAIT: Kuwait’s Acting Prime Minister Sheikh Fahad Yusuf Al-Sabah receives on Wednesday at Bayan Palace, in the presence of Foreign Minister Abdullah Al-Yahya, Antigua and Barbuda’s Minister of Foreign Affairs, Trade, and Barbuda Affairs Everly Paul Chet Greene, along with his accompanying delegation. --KUNA

KUWAIT: Kuwait’s Acting Prime Minister Sheikh Fahad Yusuf Al-Sabah receives on Wednesday at Bayan Palace, in the presence of Foreign Minister Abdullah Al-Yahya, Antigua and Barbuda’s Minister of Foreign Affairs, Trade, and Barbuda Affairs Everly Paul Chet Greene, along with his accompanying delegation. –KUNA

KUWAIT: Kuwait’s Acting Prime Minister Sheikh Fahad Al-Yousef Al-Sabah received on Wednesday at Bayan Palace, in the presence of Foreign Minister Abdullah Al-Yahya, Antigua and Barbuda’s Minister of Foreign Affairs, Trade, and Barbuda Affairs Everly Paul Chet Greene, along with his accompanying delegation, on the occasion of his visit to the country. During the meeting, the two sides reviewed bilateral relations between the two countries and ways to strengthen them, in addition to exchanging views on issues of mutual interest.

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During the meeting, they reviewed the close bilateral relations between the two friendly countries and the frameworks for strengthening and developing them in various fields, in addition to discussing regional and international developments and the developments taking place in the region. — KUNA

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