KUWAIT CITY, July 6: Global gold prices witnessed a significant increase at the close of the first week of July, with the price of an ounce reaching $3,337, driven by intertwined economic and political factors that pushed investors toward gold as a haven. According to a report issued on Sunday by Dar Al- Sabaek Company in Kuwait, precious metals prices reflected global movements in the local market.

The price of 24-karat gold reached KD 32.890 (about $107), 22-karat gold was priced at KD 30.150 per gram (roughly $98), and the price of one kilogram of silver remained steady at KD 407 (around $1,329). For reference, the ounce (troy ounce), also called “awqiya”, is a unit of mass used in measuring precious metals. It equals 28.349 grams in general measurement, but 31.103 grams specifically when measuring precious metals. The report explained that growing concerns over the expanding U.S. fiscal deficit played a key role in boosting gold prices. This followed the U.S. House of Representatives’ approval of a tax cut and spending expansion package proposed by President Donald Trump’s administration.

The package is expected to increase public debt by more than $3.4 trillion over the next decade, according to estimates by the Congressional Budget Office and the Joint Committee on Taxation. This development weakened the U.S. dollar’s performance, prompting investors to increase gold holdings as protection against market volatility and the reduced purchasing power of the US dollar. The report also highlighted the rising trade tensions after President Trump announced plans to issue formal notifications to several countries about new tariffs, which could potentially reach 70 percent, set to take effect in early August. This move stirred investor fears of a further deterioration in the global trade environment.

Without trade agreements by July 9, this escalation could trigger a wave of retaliatory tariffs from nearly 100 countries, according to U.S. Treasury Secretary statements. The uncertainty bolstered gold’s appeal as a hedge during this turbulent period. In addition, the U.S. dollar index dropped to 97 points against major currencies, providing extra support to gold prices. Reduced liquidity in U.S. markets due to the Independence Day holiday helped ease selling pressure during the week’s final sessions. However, positive U.S. labor market data slowed gold’s rise.

saw an addition of 147,000 jobs, and the unemployment rate fell to 4.1 percent, reducing expectations of an immediate interest rate cut by the Federal Reserve. The report also noted that 10-year U.S. Treasury yields climbed to 4.338 percent, exerting further pressure on gold prices in recent sessions. Despite the U.S. market holiday, gold remained sensitive to economic and political developments amid declining risk appetite and investor anticipation of upcoming monetary policy decisions from central banks worldwide. Markets now await the release of the minutes of the Federal Open Market Committee (FOMC) meeting, weekly U.S. jobless claims data, and monetary policy announcements from several major central banks worldwide (KUNA)

Foreign Minister and Chairman of the Board of Directors of the Kuwait Fund for Arab Economic Development, Abdullah Al-Yahya, and UK Minister of State for Foreign, Commonwealth and Development Affairs, David Lammy, during the signing of the two memoranda of understanding.

KUWAIT CITY, July 6: The Kuwait Fund for Arab Economic Development (KFAED) and the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) have signed two Memorandums of Understanding (MoUs) to provide joint emergency humanitarian assistance to conflict-affected communities in the Republic of Sudan and the Federal Republic of Somalia. The signing ceremony took place at the Ministry of Foreign Affairs in Kuwait.

The MoUs were signed by H.E. Mr. Abdullah Ali Al-Yahya, Arab Economic Minister of Foreign Affairs and Chairman of the Board of Directors of the Kuwait Fund for Arab Economic Development, on behalf of the Kuwait Fund, and by H.E. Mr. David Lammy, Secretary of State for Foreign, Commonwealth and Development Affairs, on behalf of the UK Foreign, Commonwealth & Development Office.

Under this renewed partnership, the Kuwait Fund and the UK FCDO will jointly contribute USD 10 million (USD 5 million from each side) to support UNICEF’s humanitarian operations in Sudan. The grant will help sustain critical services in healthcare, nutrition, water and sanitation, and child protection – ensuring continuity of life-saving interventions for vulnerable populations.

In addition, both parties will provide a further USD 5 million (USD 2.5 million from each) to support a joint project with the International Committee of the Red Cross (ICRC) in Somalia, aimed at restoring essential services in marginalized and conflict-affected areas. Acting Director General of the Kuwait Fund for Arab Economic Development, Mr. Waleed Shamlan Al-Bahar, affirmed that the MoUs reflect the Fund’s commitment to strengthening international partnerships across humanitarian, development, and peacebuilding sectors.

He noted that cooperation with the UK will facilitate knowledge exchange and enable coordinated action to assist the most vulnerable, thereby enhancing the impact of humanitarian efforts in Sudan and Somalia and reinforcing Kuwait’s leadership in global humanitarian response. Commenting on the partnership, Mr. Mamadou Sow, Head of the ICRC’s Regional Delegation to the Gulf Cooperation Council, said: “Today’s partnership with the Kuwait Fund and the UK’s FCDO reflects a united commitment to humanity.

This grant is not just financial support—it’s a clear message that the lives of people in Somalia matter. Together, we are helping restore essential services in communities too often left behind. It’s a testament to Kuwait’s enduring humanitarian leadership and the UK’s steadfast role in advancing global solidarity.” The signed MoUs build on a cooperation framework established in February 2020 between the Kuwait Fund for Arab Economic Development and the United Kingdom’s former Department for International Development, reflecting a sustained commitment to coordinated humanitarian efforts that support refugees, displaced populations, and crisis affected communities worldwide.

KUWAIT CITY, July 6: The Central Agency for Public Tenders (CAPT) has excluded six companies from bidding on a major procurement of prosthetic devices for individuals with disabilities, including wheelchairs, hearing aids, and other assistive technologies. Sources disclosed that out of the original 16 companies, only 10 remain to compete for the contracts expected to be worth millions of Kuwaiti dinars. Following the exclusions, CAPT forwarded the remaining bids to the authority. The Financial and Administrative Affairs Sector reviewed the offers thoroughly from both the financial and technical perspectives.

Based on this evaluation, the authority recommended awarding the contract to the companies that offered the most competitive prices and met the technical specifications in line with international standards and the needs of individuals with disabilities. Specialists in prosthetics and orthopedic medicine contributed to the project by developing around 35 models of wheelchairs tailored to various types of disabilities. They also selected the latest high-quality hearing aids to ensure optimal comfort and performance for users. The new procurement process introduces a mechanism aimed at resolving longstanding delays, with the goal of ending the suffering of hundreds of individuals who have been waiting for several years to receive essential devices. This mechanism is designed to accelerate the delivery and disbursement of assistive equipment.

The political leadership is keen on supporting persons with disabilities through the improvement of services and expediting related procedures. In another development, the Educational and Rehabilitation Services Sector at PADA continues to accept applications for external scholarships for the 2025/2026 academic year. The application window, coordinated in advance with the Ministry of Higher Education, was open from June 10-29. A total of 50 scholarship seats have been allocated for students with disabilities as per the regulations and eligibility criteria