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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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Iran Embassy opens condolence book to honor victims of Zionist aggression

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KUWAIT: The Embassy of the Islamic Republic of Iran in Kuwait opened a condolence book, on Monday, to honor the victims of the recent aggression against Iran. The event was attended by officials, ambassadors, and media. Iranian Ambassador to Kuwait Mohammad Toutounchi expressed his appreciation for the positions of the Gulf Cooperation Council (GCC) countries, especially Kuwait, regarding the recent events, noting that Kuwait’s Foreign Minister had called his Iranian counterpart in a gesture that reflects the strength of bilateral relations, describing the presence of ambassadors at the embassy as “Noteworthy and Positive.”

The ambassador said in a statement that his country endured twelve days of intense aggression by the Zionist entity, joined by the United States in the final two days, explaining that Iran faced simultaneous attacks from countries equipped with nuclear capabilities and advanced technology, backed by NATO. He emphasized that the planners of this aggression had expected Iran to collapse within days. However, “The unity of the Iranian people inside and outside the country formed a formidable barrier.” He added that US intervention came only after ten days of failed efforts to achieve any ground breakthrough.

Toutounchi revealed that the number of victims exceeded 620 martyrs, with more than 5,356 wounded, including 13 children and 43 women, some of whom were pregnant, adding “Seven hospitals, six health centers, and dozens of ambulances were destroyed. These martyrs cannot be replaced whether they were children, military leaders, or academics, calling for the Zionist entity and the United States to be held accountable before international bodies to prevent such crimes from recurring.

Regarding Iran’s nuclear program, the ambassador reiterated Iran’s commitment to the Nuclear Non-Proliferation Treaty (NPT), pointing out that the country’s nuclear program, which represents less than 3 percent of global peaceful nuclear activities, has undergone over 23 percent of international inspections. He argued that this high inspection rate indicates no deviation toward military objectives.

He disclosed that Iran had recently agreed to five rounds of indirect negotiations aimed at reviving the diplomatic track and ensuring the peaceful nature of its nuclear program. He also stressed that Iran’s response against US military and intelligence bases in Qatar was a legitimate act of self-defense and was not directed at any neighboring countries, affirming Iran’s full respect for their sovereignty. He noted that Iran had communicated with Qatari leadership to clarify its position, stating that military bases in neighboring countries used by US forces cannot be considered safe havens for launching attacks.

Meanwhile, the Iraqi Ambassador to Kuwait Al-Manhal Al-Safi expressed his deep gratitude to Kuwait’s leadership, government, and people for facilitating the return of over 3,000 stranded Iraqi citizens by issuing more than 3,500 transit visas in just 12 days. The Iraqi ambassador affirmed his country’s full solidarity with Iran and condemned the aggression, revealing that Zionist aircraft had breached Iraqi airspace, prompting Baghdad to file an official complaint with the UN Security Council.

In the same context, the Sudanese Ambassador to Kuwait Awadal-Karim Al-Rayah Balla offered his condolences to Iran, describing the incident as “A blatant and unacceptable attack.” He called for regional unity to confront shared challenges, emphasizing that the targeting of Iran threatens all free peoples in the region. He urged a joint response to protect stability and to revive the Palestinian cause as a priority. The Sudanese envoy also pointed to the double standards in the international system, calling for crises to be addressed through international legitimacy rather than the imposition of forceful agendas.

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Exit permit now mandatory for expat workers

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KUWAIT: A decision mandating expatriates working in the private sector to obtain an exit permit with the prior approval of their employers comes into effect on Tuesday, July 1, 2025. Employees need to apply through the Sahel app or the Public Authority of Manpower’s website. The employer must then approve the request online before the authority issues the permit. The decision applies to private sector employees who have residency under article 18. Those who have article 19 residency – self-sponsored – are not required to obtain the exit permit.

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410 students benefit from Educational Care Bank project

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KUWAIT: Al-Safa Charitable Society announced that 410 students across various educational stages have benefited from the Educational Care Bank project for the 2024-2025 academic year. The initiative, implemented in collaboration with the General Secretariat of Endowments, provided a total of KD 100,000 (approximately $330,000) in educational support within Kuwait. Chairman of Al-Safa’s Board of Directors Mohammad Al-Shaya said in a press statement on Monday that the project reflects a shared commitment to supporting future generations by creating an educational environment free from financial obstacles. He emphasized that the initiative also aims to alleviate the financial burden faced by low-income families amid ongoing economic challenges.

Al-Shaya praised the General Secretariat of Endowments for its continued sponsorship of impactful and innovative projects that serve the community, particularly those focused on education. He noted that the Secretariat’s support for this program underscores its strong belief in education as a cornerstone for societal advancement and sustainable development. He added that Al-Safa Charitable Society, through this partnership, seeks to nurture a knowledgeable and responsible generation capable of contributing meaningfully to national development. The project, he explained, targets students who face difficulty in paying tuition fees, reaffirming the association’s belief in the right to education for all—without discrimination or financial barriers. — KUNA

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