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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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Al-Nuwaisib Customs foils smuggling of 620 cartons of cigarettes hidden in vehicle tires.

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KUWAIT: As part of the ongoing efforts by the General Administration of Customs to combat smuggling, customs inspectors at the Nuwaiseeb border crossing foiled an attempt to smuggle cigarettes out of the country.

When a vehicle arrived at the inspection area, the inspector did a routine check and didn’t find anything illegal inside except for 20 packs of cigarettes that were visible.

After inspecting the vehicle and passing it through an X-ray machine, abnormal densities were found in the four tires, and a manual inspection revealed 620 packs of cigarettes professionally hidden inside the tires.

 A report was filed on the incident, and the seized items and suspects were referred to the competent authorities to complete the remaining legal procedures against them.

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Family visit visas to Kuwait valid for up to one year: official

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KUWAIT: Family visas for expats are valid from one month to one year like tourist visas, a top interior ministry official announced on Wednesday, a day after the ministry said all expats can bring in their extended families to the country without the need for a salary cap condition.

Deputy director of the electronic services at the Residency Affairs Department Col Abdulaziz Al-Kandari told reporters at the government communications center that family visas can be for a single entry for one month, or two months or three months.

It can also be for multiple entries for between three months to one year, provided any single stay should not exceed one month, he said.

Kuwait on Tuesday said that family visas for expats was open for everyone with a valid residence permit, thus abolishing the salary cap condition that restricted the majority of expats from bringing in their wives and children to Kuwait.

The ministry also said family visas were expanded to include four-degree relatives and third-degree relatives by marriage.

Kundari said that expats willing to bring their relatives can apply online at Kuwaitvisa platform or application by uploading the necessary documents.

Relatives allowed to be brought by expat residents include a wide range of relatives from wives, children, parents to parents of the wife, aunts and uncles, brothers and sisters, nephews and nieces, grandfathers and grandmothers, grandchildren of both the applicants and their wives and others.

They also include the father’s wife for both applicants and wives, the son’s wife, the daughter’s husbands and similar relatives.

For a majority of applications only a birth certificate is required and a marriage certificate is needed for some cases to establish the relationship. Col Kandari said that all documents must be in Arabic and documents in other languages must be translated into Arabic from authorized offices.

Kandari also announced a large number of professionals residing in GCC states and who can obtain a tourist visa either on arrival or online through the Kuwaitvisa platform.

They include chairmen of companies, their deputies and assistants, diplomats and embassy staff, general managers, managers and their assistants and deputies, judges, public prosecutors and lawyers, university academics, holders of golden visas, investors, businessmen and partners and others.

They also include real estate owners, consultants and their assistants, experts and assistants, senior jobs in travel and tourism business, accountants, auditors and financial analysts, doctors and surgeons and their assistants, pharmacists and their assistants, nurses and their assistants, medical technicians, engineers and their assistants, school teachers and assistants, information analysts and alike, pilots and air stewards and others.

They also include referees and coaches and their assistants, journalists and media men, in addition to professions that come under physicists, chemists, geologists, marketing officer, advisor, vessel captain and alike.

Permitted professions can be checked through the Kuwaitvisa platform while applying online.

Kundari said that applicants must also state their address in Kuwait or the address of their hosts.

Kandari said that all types of visas are open to all nationalities except for the Israeli nationality which is barred by an Amiri decree. He also said that holders of travel documents can obtain a visa with the approval of the interior minister.

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Sadu House workshop sheds light on hand-weaving

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KUWAIT: Sadu House held a workshop titled “Embroidery Using the Nafash Needle Technique,” as part of the 17th edition of the “Summer Cultural Festival” organized by the National Council for Culture, Arts, and Letters (NCCAL). The workshop was led by trainer Anfal Al-Azmi that attracted participants interested in handicrafts and traditional arts. Al-Azmi explained that the “Nafash Needle” technique is a type of hand-weaving that involves inserting the needle into a piece of cotton fabric to create various designs and patterns.

She added that this technique is commonly used to decorate bags, carpets, and clothing, as well as to produce distinctive art pieces. Al-Azmi noted that while learning the craft is relatively easy, it requires some training to master the stitching properly. The workshop included hands-on practice with a simple sample to give participants their first practical experience. The “Summer Cultural Festival” serves as a platform to revive heritage and promote arts and handicrafts, and offer diverse cultural and artistic events suitable for all age groups. — KUNA

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