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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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Health Minister: Graduates are vital to Kuwait’s national health renaissance

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KUWAIT: Health Minister Dr Ahmad Al-Awadhi affirmed on Tuesday that Kuwait’s new health projects are being developed by capable professionals and led by minds committed to hard work and integration. His remarks came in a speech delivered on his behalf by Assistant Undersecretary for Public Health Affairs Dr Munther Al-Hasawi during a ceremony honoring Kuwaiti medical graduates from the University of Jordan.

Dr Al-Hasawi congratulated the graduates on their achievement, noting that their success was the result of perseverance, dedication and long nights of study. “This moment is a tribute to those who remained patient and committed to their goals,” he said. In his address to the honorees, Dr Al-Awadhi said, “You are called upon to actively contribute to the renaissance of your nation, particularly through participation in new national health projects — projects that are founded on competence and driven by minds that believe in collaboration and hard work.”

He stressed that the involvement of young medical professionals is not a luxury, but a national necessity and a trust that carries historical significance. Highlighting the importance of unity within the health sector, Dr Al-Awadhi said, “The success of a doctor is incomplete without a nurse. Laboratory work thrives only with accurate diagnoses, and quality healthcare requires the cooperation of all — administrators, technicians, doctors, pharmacists and support staff.”

He acknowledged the challenges facing the medical profession globally, but praised those who choose the path of medicine for their unwavering dedication. “Those who take up this profession carry a noble mission. Their resolve exceeds obstacles, and their spirits are prepared to serve with sincerity and steadfastness,” he said. Concluding his message, the minister reminded the graduates of the core values of their chosen path: “You belong to a profession whose essence is humanity and whose purpose is mercy — live up to the honor of this mission.” — KUNA

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Kuwait toughens weapons law | Kuwait Times Newspaper

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KUWAIT: The Cabinet on Tuesday approved a draft decree-law amending key provisions of the 1991 weapons and ammunition law, introducing penalties for carrying bladed or air weapons in public without valid justification, in a move aimed at reinforcing public order and addressing growing security concerns.

Minister of Justice Counselor Nasser Al-Sumait said the new amendment criminalizes the possession or carrying of bladed weapons or air guns (with a caliber of 6 mm or more) in public spaces such as schools, mosques and markets without a legitimate reason. Offenders will face imprisonment ranging from six months to one year and/or a fine of KD 500 to KD 1,000.

The amendment also targets acts of public intimidation, stipulating harsher penalties for those who deliberately frighten others using such weapons, with prison terms of one to two years and fines of KD 1,000 to KD 2,000. Additionally, the sale, import, or marketing of these weapons without official licensing is now prohibited.

The minister noted that the law empowers the minister of interior to define which weapons fall under the ban and specify the areas where the restrictions apply. “These amendments fill a previous legal gap by criminalizing actions that disturb public safety,” Al-Sumait said. “They reinforce the rule of law and reflect legislative awareness of emerging behaviors that threaten social peace.”

The Cabinet also approved a draft decree-law renaming the Directorate General of Civil Aviation (DGCA) as the Public Authority for Civil Aviation. The move reflects the Kuwaiti government’s realization of the dire need for a modern and integrated piece of legislation to regulate the country’s civil aviation, Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Maousherji said in a press statement following the meeting.

This fresh legislation, the minister maintained, would ensure this vital sector’s required resilience to cope with global advancements in this domain. It is also deemed one of the main requirements of the International Civil Aviation Organization (ICAO) and a prime determinant for licensing airports and air navigation facilities, he explained. The Cabinet decided to refer the draft decree-law to HH the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for final approval. — KUNA

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Unified GCC tourist visa to launch soon

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RIYADH: A unified Gulf Cooperation Council (GCC) tourist visa for non-Gulf residents will be launched soon, GCC Secretary General Jasem Al-Budaiwi announced on Wednesday. In a statement issued by the GCC Secretariat following the 39th meeting of directors of passport departments of the GCC ministries of interior, Al-Budaiwi expressed appreciation for the collective efforts that contributed to the development of the unified visa system.

He affirmed that the initiative aligns with the shared visions of the region’s leaderships and will support the enhancement of tourism and economic integration across member states. Al-Budaiwi also emphasized the commitment of relevant authorities to adopt advanced technologies and respond to growing global security challenges— KUNA

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