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Gold prices drop notably | Kuwait Times Newspaper

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KUWAIT: Gold prices experienced a notable drop at the close of last week’s trading, reflecting a broader trend of losses in global financial markets amidst escalating tensions in the trade war involving the United States, China, and the European Union. The growing concerns over a potential global economic recession further compounded market unease. According to a specialized report by Kuwaiti firm Dar Al-Sabayek, gold finished at $3,037 per ounce, marking a 3 percent decline, while June futures fell by 2.75 percent, or $86, closing at $3,035 per ounce. This marked the end of a four-week winning streak for the precious metal.

The report noted that this decline coincided with a 0.85 percent rise in the US dollar index against other major currencies. This inverse relationship between the US dollar and gold negatively impacted the latter’s price, as a stronger dollar diminishes gold’s appeal as a safe-haven investment. Furthermore, US Federal Reserve Chairman Jerome Powell’s comments on the new tariffs imposed by President Donald Trump fueled additional economic concerns, highlighting the potential for rising inflation and slowing economic growth in the near future.

China’s response, which included a 34 percent tariff on US imports, exacerbated concerns about global economic stability, increasing fears of further escalation in the trade war between the two largest economies in the world. This uncertainty prompted investors to increase their gold stockpiles in US COMEX warehouses, anticipating possible disruptions in gold shipments and global trade due to the tariffs.

On the geopolitical front, the report highlighted the ongoing tensions in the Middle East, particularly the nuclear standoff between Iran and Western nations. Additionally, the continued military conflict in Ukraine, including Russian strikes on vital Ukrainian infrastructure, has heightened global anxiety. These developments have contributed to market volatility and sparked fears of further military escalations that could undermine the global economy, potentially driving up gold prices as investors seek refuge in the precious metal.

Locally, Dar Al-Sabayek’s report indicated that the price of 24-karat gold stood at KD 30.48 (approximately $93), while 22-karat gold was priced at about KD 28 (approximately $86) per gram. Meanwhile, silver prices remained stable at 344 dinars per kilogram (approximately $1,120). The ounce, a unit of mass used in various measurement systems, is equivalent to 28.349 grams, or 31.103 grams when measuring precious metals. — KUNA

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MoI reviews smart security patrol

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KUWAIT: First Deputy Prime Minister and Minister of Interior Sheikh Fahad Al-Yousef Saud Al-Sabah on Monday was briefed on the Ministry’s new smart security patrol, equipped with the latest technical systems to enhance the speed, accuracy, and efficiency of security operations in the field. In a press statement, the Interior Ministry said the initiative reflects its commitment to keeping pace with technological developments and supporting digital transformation in security work.

Sheikh Fahad Al-Sabah received an explanation from Brigadier Anwar Al-Yatama, Head of the Human Resources and Information Technology Sector, on the patrol’s key components and smart systems, which were developed by national experts in information technology and cybersecurity. The patrol features an integrated system of advanced technologies, including smart mobile cameras linked to facial recognition and vehicle license plate systems, a mobile fingerprint device for instant identification, and direct connections to the ministry’s databases for rapid identification of wanted persons and vehicles.

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The system also incorporates artificial intelligence for real-time image processing and analysis, supporting security personnel in the field and improving operational efficiency. Sheikh Fahad Al-Sabah emphasized the importance of leveraging modern technology to enhance field security work and praised national teams for developing the project, calling it a significant step in the ministry’s technological transformation. The Interior Ministry reaffirmed its ongoing efforts to modernize the security system and employ cutting-edge technologies to serve public safety, contributing to enhanced security and stability across Kuwait.

New service on Sahel

In a separate development, the Ministry announced the launch of a new service via the unified government application for electronic services (Sahel), allowing families of inmates to request appointments with officials from the General Administration of Correctional Institutions. Interviews will be conducted every Monday from 4 to 6 pm, enabling families to submit inquiries and complaints efficiently. — KUNA

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Ministry launches electronic system to enhance radiation control at customs

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KUWAIT: The Ministry of Health (MoH) on Monday announced the activation of an electronic linkage system between its Radiation Protection Department and the General Administration of Customs. The system aims to streamline and accelerate control procedures for materials and devices subject to radiation oversight, while ensuring the highest safety standards. Director of the Radiation Protection Department, Dr Nasser Al-Juwaisri, said in a ministry statement that the system represents a qualitative leap in radiation control, enhancing information exchange between the two entities, reducing paperwork and speeding up procedural cycles. He added that it will improve accuracy and transparency in customs inspections and release operations.

Dr Al-Juwaisri explained that the materials under control include ionizing radiation devices such as X-ray machines, medical and industrial radioactive sources, radiotherapy devices, isotope generators and nuclear measuring instruments. Non-ionizing devices are also covered, including high-power laser systems, radar equipment, communication stations, and certain medical and industrial devices with non-ionizing emissions. He noted that the initiative aligns with the Ministry’s vision for digital transformation and institutional integration with government agencies, in line with Kuwait’s broader electronic transformation strategy. The step underscores the Ministry’s commitment to worker and public safety, as well as environmental protection from potential radiation hazards.

The director added that the Public Health Sector has previously established electronic connectivity with the General Administration of Customs to facilitate control and release of public health pesticides, insecticides, optical devices and traps, within a comprehensive system that enhances safety in preventive health practices. Dr Al-Juwaisri confirmed that the Ministry will continue expanding digital integration to ensure a safe and sustainable health environment, in line with the highest international standards for radiation safety and health protection. — KUNA

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Army Chief decorates 35th batch of officers with colonel rank

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KUWAIT: Chief of the General Staff of the Kuwaiti Army Lt Gen Khaled Al-Shuraian on Monday bestowed the rank of colonel on members of the 35th officers’ batch, in accordance with an Amiri Decree issued by His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Supreme Commander of the Armed Forces. In a press statement, Lt Gen Al-Shuraian conveyed the congratulations of Deputy Prime Minister and Defense Minister Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah to the newly promoted officers.

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He expressed hope the promotions would serve as an incentive for greater dedication and continued service to the nation. The ceremony was attended by Undersecretary of the Ministry of Defense Sheikh Dr Abdullah Mishal Al-Sabah, members of the Military Defense Council and several senior army officers. — KUNA

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