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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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Kuwaiti play ‘King of Stage’ explores artist’s struggle

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KUWAIT: The play “King of the Stage” was restaged at Souq Sharq Theater, telling the story of an artist struggling against marginalization while trying to make his mark in the Kuwaiti art scene. Written and directed by Abdulaziz Safar, the production first premiered during Eid Al-Fitr and received widespread audience acclaim. The National Council for Culture, Arts and Letters (NCCAL) later included it in the Summer Cultural 17 festival, recognizing its contribution to Kuwaiti theater and its cultural significance.

“As a body dedicated to bringing culture to the public, the Council sees this project both as an inspiration and a responsibility, especially as Kuwait celebrates its role as the Arab Capital of Culture and Media for 2025,” Safar told the Kuwait News Agency (KUNA) on Friday. He added that the production team is determined to demonstrate that Kuwaiti theater can deliver works of high artistic quality.

Lead actor Khaled Al-Mudhafar said the play addresses themes such as artistic vanity, the impact of social media on cultural and social life, and works that fail to reflect authentic identity, which can influence youth perceptions. Al-Mudhafar portrays Ibrahim Ahsanhom, a comedian who later becomes a carpenter due to age and health challenges, yet is urged to return to the stage. “The play sends a crucial message: the audience is the true king of the theater. Their support or criticism shapes the fate of art and artists,” he said.

Blending comedy with melancholy, the play symbolically depicts an artist who dedicates his life to the stage but remains unacknowledged until his absence is felt. Scenes alternate between nostalgic memories and the harsh realities of life. The performance is part of NCCAL’s Summer Cultural 17 festival, which aims to enrich Kuwait’s cultural scene during the summer and present works that resonate with audiences.

The council emphasizes theater as a cornerstone of artistic creativity in Kuwait, supporting local productions, hosting regional and international works, and cultivating public appreciation for diverse art forms. It also provides platforms, performance opportunities, and training for theater artists of all generations, recognizing their role in enriching Kuwait’s cultural landscape and promoting its civilizational image regionally and internationally. — KUNA

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Indian Embassy in Kuwait marks 79th Independence Day

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KUWAIT: The Embassy of India in Kuwait marked the 79th Independence Day of India on August 15, 2025 with a ceremony attended by over 3,000 members of the Indian community. The official program began at 7:30 am at the Embassy premises, where Ambassador Dr Adarsh Swaika paid floral tributes at the Shilaphalakam—a plaque honoring Indian martyrs—and at the statue of Mahatma Gandhi. The ceremony included the hoisting of the Indian national flag and the singing of the national anthem.

During the event, Ambassador Swaika read out the address of India’s President Droupadi Murmu. The President highlighted the country’s achievements over the past 78 years, emphasizing progress across multiple socio-economic sectors. She urged citizens to work toward making India a developed nation by 2047.

Ambassador Swaika also conveyed key points from India’s Prime Minister Narendra Modi, who spoke from the Red Fort on the occasion. The Prime Minister outlined the government’s recent successes, introduced new initiatives, and emphasized the importance of self-reliance.

Speaking at the ceremony, Ambassador Swaika described India-Kuwait relations as being at one of their strongest phases in recent times, crediting the successful outcomes of Prime Minister Modi’s visit to Kuwait in December 2024 and the ongoing support of Kuwaiti leadership. The Ambassador acknowledged the role of community associations and individual members in promoting Indian culture and strengthening bilateral ties at the grassroots level. He reassured attendees that the Embassy continues to serve as a “home away from home” for Indians living in Kuwait.

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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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