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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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KUNA Acting Director visits Huawei, urges digital tech for media advancement

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 SHENZHEN, China:  Acting Director General of Kuwait News Agency (KUNA), Mohammad Al-Mannai, visited Sunday the headquarters of Chinese tech giant Huawei in Shenzhen during his official trip to China.

The visit aligns with KUNA’s efforts to integrate digital solutions and adopt new technologies to enhance media content production.

During the visit, Al-Mannai met with Huawei’s Deputy CEO for the Northern Gulf Dai Xing, to explore cooperation in digital infrastructure, media tools, and training programs aimed at enhancing KUNA’s editorial and technical team capabilities.

Al-Mannai emphasized the importance of collaborating with leading tech companies like Huawei to boost media capabilities through digital innovation, highlighting the urgent need to adopt advanced digital technologies that are transforming data analysis and audience engagement.

Al-Mannai and his delegation toured Huawei’s exhibitions, and Research, and Development (R&D) Center, where they were introduced to the latest innovations in automation and digital media solutions.

The visit was held on the sidelines of KUNA’s participation in the Shanghai Cooperation Organization (SCO) Media and Think Tank Forum, held in Zhengzhou, China. The delegation includes Acting Editor-in-Chief Mohammad Al-Bahar and Director of Marketing and Public Relations Lamia Al-Farsi.— KUNA

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192 arrested in security sweep; weapons seized

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KUWAIT: The Ministry of Interior announced the arrest of 192 violators and wanted individuals during a wide-ranging security campaign launched by the General Department of Residency Investigations. The campaign targeted several densely populated areas, including Jahra, Jleeb Al-Shuyoukh, Mahboula, Qurain Markets, Ahmadi and Fahaheel.

In a statement issued Friday, the ministry said the campaign comes within the framework of an ongoing nationwide crackdown across all governorates, carried out under the directives of First Deputy Prime Minister and Minister of Interior Sheikh Fahad Yousef Saud Al-Sabah. The operations are being implemented under the direct supervision of Acting Undersecretary of the Ministry of Interior Major General Ali Al-Adwani. The ministry affirmed its continued efforts to uphold the law and ensure public safety, noting that violations of residency and labor regulations will be dealt with firmly. It stressed that accountability will apply to both the violator and the employer and warned that no leniency will be shown to those found breaking the law.

Meanwhile, in a separate operation, the General Directorate of Weapons Investigation—represented by the Search and Investigation Department—arrested two individuals working for a local airline on charges related to the possession of unlicensed ammunition and alcoholic beverages. According to the ministry, the first suspect, a Pakistani national employed as a doctor, was detained at Kuwait International Airport after 64 rounds of ammunition were discovered in his luggage. During questioning, the suspect confessed to owning the ammunition and claimed he had received it from a colleague.

Following this admission, a second suspect, a Kuwaiti citizen working as a pilot, was arrested at the airport. Upon interrogation, the suspect confirmed the doctor’s statements. A search warrant was subsequently issued by the Public Prosecution to inspect his residence and vehicle, leading to the discovery of 500 additional rounds of unlicensed ammunition.

Further searches at a secondary residence in Shab Al-Bahri uncovered 87 bottles of alcoholic beverages along with equipment and materials used in alcohol production. The suspect confessed to possessing the unlicensed ammunition and to manufacturing alcohol using tools purchased online. The two suspects were referred to the competent authorities for further legal action. The Ministry of Interior reiterated its firm stance against all forms of illegal activity and affirmed that it will continue its operations to safeguard public security. — Agencies

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KOC and KU to enhance joint research

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KUWAIT: A delegation from Kuwait University visited Kuwait Oil Company (KOC) in Al-Ahmadi on July 23, 2025 to discuss ways to enhance joint research cooperation between the two institutions. This visit comes as a follow-up to the existing coordination on the main research agreement signed between the two parties in July 2019, relating to cooperation in the fields of reservoirs and heavy oil, which aims to achieve strategic research and development objectives.

The agreement focuses on strengthening research cooperation between Kuwait University and Kuwait Oil Company through technology and knowledge transfer, improving oil production and refining processes, developing industrial and technological processes through scientific research, and attracting as many members of the university’s academic staff as possible.

At the beginning of the visit, the Kuwait University delegation, represented by Assistant Vice President for External Research Cooperation and Consultancy Dr Mubkhout Mohammed Al-Dosari and Assistant Vice President for Research Funding and Implementation Dr Abdul Latif Abdullah Al-Rashdan, met with Kuwait Oil Company Vice President for Gas and Innovation Amina Rajab. Rajab praised Kuwait University’s efforts in promoting fruitful research cooperation with Kuwait Oil Company and stressed the importance of intensifying research related to the challenges facing the natural gas sector.

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During the meeting, Dr Mubkhout Al-Dosari affirmed that Kuwait University is working, under the signed agreement, to support the company’s decision-making process, contributing to the development of effective strategies that support research interests and achieve scientific progress through external partnerships, to direct research towards creativity and innovation.

The delegation also met Bader Mohammed Al-Ajmi, Director of Innovation and Technology, who welcomed the attendees and emphasized the importance of cooperation between the two sides in serving research, development, and comprehensive development for the benefit of the State of Kuwait. During the meeting, Dr Abdul Latif Al-Rashdan addressed the most prominent administrative, technical, and financial issues facing researchers in projects fully funded by Kuwait Oil Company, which were discussed and possible solutions were developed to deepen cooperation between Kuwait University and Kuwait Oil Company.

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