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Gold prices surge, driven by escalating geopolitical tensions

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KUWAIT: Gold prices surged to unprecedented levels last week, bolstered by escalating geopolitical tensions, heightened US-China trade frictions, and a sharp decline in the US dollar, according to a report issued Sunday by Kuwait’s Dar Al-Sabayek Company. Spot gold prices reached an all-time high of $3,245.45 per ounce, marking a weekly gain of 6.9 percent. The report attributed the rally to increased global demand for safe-haven assets, driven by fears of a global economic slowdown and the weakening of the US currency.

Gold futures for June delivery also witnessed strong gains, closing at $3,244.6 per ounce, an increase of $67.1 or 2.1 percent in a single trading session. The report noted that the US dollar index fell significantly to 99.01 points — its lowest level since May 2022 — following the release of weaker-than-expected US economic data. This included a 0.4 percent monthly decline in the Producer Price Index (PPI) for March, marking its first contraction in 17 months.

The annual inflation rate, as measured by the PPI, also eased to 2.7 percent in March from 3.2 percent in February. Core inflation, which excludes volatile food and energy prices, remained stubbornly high at 3.3 percent, complicating the outlook for US monetary policy, the report stated. Consumer sentiment also deteriorated, with the University of Michigan’s consumer confidence index dropping from 57 points in March to 50.8 in April’s preliminary reading. The data reflects growing pessimism among US households regarding economic conditions and inflation expectations, which rose to 6.7 percent in the short term and 4.4 percent in the long term.

Meanwhile, trade tensions between the US and China reached new heights after Washington raised tariffs on Chinese imports to 145 percent. Beijing responded with retaliatory tariffs of 125 percent on US goods. The dispute now affects over $700 billion in bilateral trade, according to the report. This intensification of the trade war has further reinforced gold’s appeal as a safe-haven asset, helping it remain above the $3,200 mark despite the upward movement in real yields on US 10-year Treasury bonds, which rose to 2.307 percent — typically a bearish factor for gold.

Dar Al-Sabayek emphasized that gold’s resilience amid rising yields underscores the dominance of geopolitical and economic uncertainty over traditional market drivers such as interest rates. The report added that market sentiment this week will likely be shaped by key events, including corporate earnings on Wall Street, US retail sales and industrial production data, GDP figures from China, and inflation and employment statistics from the United Kingdom. Decisions from major central banks — the European Central Bank, Bank of Canada, and Bank of Korea — are also expected to influence markets.

Gold continues to attract strong investor interest as the preferred asset during periods of global instability. Ongoing tensions in the Middle East and Red Sea region, the protracted Russia-Ukraine conflict, and China’s military activity near Taiwan have all contributed to heightened demand for the precious metal. In the local market, the report stated that 24-karat gold was priced at KD 32.1 per gram (approximately $98), while 22-karat gold stood at KD 29.42 (around $90) per gram. Silver prices held steady at KD 370 per kilogram (about $1,209). The report also clarified that the troy ounce, commonly used in precious metals trading, is equivalent to 31.103 grams. — KUNA

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Indonesian envoy invites Kuwaiti investment; trade steadily grows

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KUWAIT: Indonesian Ambassador Lena Maryana praised the progress in Indonesia–Kuwait cooperation across politics, trade, investment, culture, and humanitarian efforts. Speaking to media ahead of her country’s 80th Independence Day, she highlighted the steady growth in bilateral trade, which amounted to $547.5 million in 2024. Maryana also pointed to Kuwait’s participation in negotiations toward a Free Trade Agreement between Indonesia and the GCC.

“Indonesia deeply values the strong leadership of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and the Government of Kuwait. Together, we are confident that our partnership will continue to grow, bringing prosperity and welfare to both nations,” the ambassador said.

Ambassador Lena Maryana.

Ambassador Lena Maryana.

Growing workforce

The ambassador underlined the growing demand for Indonesian workers in Kuwait. “On average, around 4,000 job orders are submitted to our Embassy each year. We are ready to send more skilled and professional workers across various fields,” she said. She also confirmed that the deployment of Indonesian nurses to Kuwait is expected soon through government-to-government cooperation. “It is coming, inshallah, very soon. The Ministry of Health is now directly recruiting nurses from Indonesia,” she said.

In addition to the health sector, Indonesian workers contribute to various fields in Kuwait. In recent months, 37 Indonesian engineers have joined Kuwait’s workforce, she said. “Kuwait is also home to over 6,000 Indonesian citizens, many of whom contribute to healthcare, oil and gas, hospitality, and manufacturing sectors. The Indonesian Embassy continues to work closely with Kuwaiti authorities to promote fair labor practices and strengthen worker protection,” she added.

Maryana emphasized her country’s desire to strengthen its partnership with Kuwait in humanitarian projects across Indonesia. “Several schools and development programs in rural areas were established with support from Kuwaiti charity organizations. We believe this cooperation can be further strengthened to benefit those in need, ” she said.

An invitation to invest

Maryana confirmed discussions with Kuwait Airways to resume direct flights to Jakarta, saying: “Kuwait Airways used to fly directly to Jakarta until 2015. Last year, both sides agreed to increase flights from four times a week to daily, but with the cabinet change in Indonesia, negotiations need to restart. We hope to finalize this soon.”

Regarding tourism, she said: “By the end of 2024, around 5,090 Kuwaitis visited Indonesia. In just the first half of 2025, 581 Kuwaiti tourists had already traveled to our country.” Upcoming visits are also planned, she said. “In October, a delegation from Jambi Province, Sumatra, including business leaders, is expected in Kuwait,” said Maryana.

She also underlined the significance of Indonesia’s newly launched sovereign wealth fund, Danantara (Daya Anaga Nusantara Indonesia), which manages $1 trillion in assets. “Indonesia warmly invites Kuwaiti investors to explore opportunities in our priority sectors — minerals, energy, digital infrastructure, healthcare, financial services, industrial estates, and agriculture,” she added.

On Indonesia’s capabilities, the ambassador pointed to the country’s advanced industries, including aircraft manufacturing, defense production, and vaccine development. “Our state-owned companies produce military vehicles, helicopters, ammunition, ships, and even submarines. During the pandemic, we developed our vaccine to serve our 280 million people,” she explained.

The ambassador highlighted Indonesia’s progress in democracy and gender representation: “Our National Assembly now has 580 members, and we have introduced a quota system that ensures 30 percent women’s representation.”

This year also marks the first year of the Red and White Cabinet led by President Prabowo Subianto and Vice President Gibran Rakabuming Raka. The Indonesian government has launched its 2025–2029 National Medium-Term Development Plan, the first stage of the long-term agenda Indonesia Emas 2045 (Golden Indonesia), focusing on poverty reduction, human resource development, and sustainable economic growth.

As Indonesia marks its 80th Independence Day on Sunday, Maryana said the embassy plans to host an “Indonesian Night” festival to commemorate Indonesia’s Independence Day, involving community cultural and sports activities.

Held under the national theme “United Sovereignty, Prosperous People, and Advanced Indonesia”, Maryana said this year’s Independence Day celebration reflects the spirit of the Indonesian people to remain united. “This theme aligns with Indonesia’s grand vision and represents our determination to build a prosperous and advanced nation while preserving our national motto Bhinneka Tunggal Ika — Unity in Diversity,” she said.

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Kuwait accepts 6,250 students into domestic scholarship program for 2025-26

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KUWAIT: A total of 6,250 students have been accepted into bachelor’s and diploma programs under Kuwait’s domestic scholarship plan for the 2025–2026 academic year, the Secretariat of the Private Universities Council announced on Saturday. Dr Nader Al-Jalal, Minister of Higher Education and Scientific Research, approved the admissions for students holding a secondary school certificate or its equivalent, according to Adel Al-Bader, Acting Secretary-General of the Private Universities Council. Last month, the ministry announced that 3,167 students were accepted into the country’s oversees scholarship program.

Al-Bader urged students to visit their assigned universities and colleges according to the official schedules to complete final registration requirements and submit their original secondary school certificates. He stressed the importance of following the internal scholarship regulations to ensure a stable academic environment that supports students’ success and helps them achieve their educational goals. Al-Bader wished the students success in their studies and highlighted their role as future contributors to Kuwait’s development. The full list of admitted students is available on the Private Universities Council’s official website at www.puc.edu.kw.

Kuwait allocates substantial budgets to support scholarship students. Upon being sent abroad, a scholarship student is entitled to an allowance in addition to monthly stipends that account for the cost of living in each country. According to local media, the total cost of scholarships for Kuwaiti students amounted to KD 540 million in 2023, roughly split equally between domestic and overseas programs. — Agencies

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Scorching weekend with humid nights forecasted

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KUWAIT: The Meteorological Department has forecast scorching daytime temperatures and warm to humid nights over the weekend, with conditions expected to be particularly humid along coastal areas. Director of the department Dharar Al-Ali told KUNA that the country will be under the influence of a hot, relatively humid air mass from Friday, especially in coastal and nearby areas. Light fog may form during the late-night hours and early morning in some locations, particularly along the coast, he added.

The weather will be very hot with northwesterly to variable light-to-moderate winds at 8-38 km/h and occasional high clouds. The maximum temperature will range between 47°C and 49°C, while the sea will be light to moderate with waves of 1-5 feet. The night will be hot to warm with variable northwesterly winds of similar speed. Friday will see very hot and relatively humid conditions, especially along the coast, with northwesterly to southeasterly winds at 10-38 km/h and some scattered clouds.

The maximum temperature is expected between 46°C and 48°C. The sea will remain light to moderate with 2-5 foot waves. Friday night will be hot

and humid, especially in coastal areas, with southeasterly variable winds at 6-28 km/h, scattered clouds and a chance of light fog. The minimum temperature will range from 29°C to 31°C, with sea conditions between 1-4 feet.

Saturday’s daytime conditions will remain very hot and relatively humid along coastal areas, with coastal and variable southeasterly winds at 8-35 km/h and some scattered clouds. Maximum temperatures are forecast between 45°C and 47°C, with sea conditions of 1-5 feet. Saturday night will be hot and relatively humid, partly cloudy, with variable to northwesterly winds at 8-30 km/h. Minimum temperatures will be between 31°C and 33°C, and the sea will remain light to moderate with waves of 1-4 feet. – KUNA

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