GCC stat headquarters in Muscat.

MUSCAT, July 27: The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) countries at current prices reached USD 587.8 billion by the end of the fourth quarter of 2024, marking a 1.5 percent growth compared to the same period in 2023, according to data released on Sunday by the Statistical Center for the Cooperation Council for the Arab States of the Gulf.

The increase represents a rise of USD 8.8 billion from the USD 579 billion recorded at the end of the fourth quarter of 2023.

The center’s report highlighted that non-oil activities continued to dominate the region’s economic output, contributing 77.9 percent to the total GDP at current prices, while oil-related activities accounted for 22.1 percent.

Among the non-oil sectors, manufacturing industries contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, public administration and defense 7.5 percent, finance and insurance 7 percent, and real estate activities 5.7 percent. Other non-oil activities collectively accounted for 27 percent of the GDP.

Compared to the third quarter of 2024, the GCC’s GDP grew by 1.3 percent, rising from USD 580.1 billion recorded in Q3.

The Statistical Center, headquartered in the Sultanate of Oman, serves as the official authority for data, statistics, and information relevant to GCC countries. It also works to support and coordinate with national statistical centers and planning bodies across the member states.

Kuwait announces new pension hike for retirees from August 1.

KUWAIT CITY, July 27: The Public Institution for Social Security (PIFSS) announced on Sunday that the next pension increase of KD 20 (approximately USD 65.4) will be disbursed starting August 1.

In a post on its official ‘ X’ account, the PIFSS confirmed that the increment will cover Kuwaiti retirees as well as individuals treated as Kuwaitis. It will also include those eligible for pensions based on their entitlement percentages.

The institution clarified that the pension increase will be deposited automatically, and beneficiaries do not need to take any action or visit the PIFSS to receive the additional amount.

Gold prices drop to $3,337 amid economic shifts and waning geopolitical tensions.

KUWAIT CITY, July 27: Global gold prices closed last week with a notable decline, falling to USD 3,337 per ounce, as ongoing economic and geopolitical developments continued to pressure the precious metal. This marks the third straight week of losses, erasing gains achieved in previous weeks.

According to a report released on Sunday by Kuwait’s Dar Alsabaek Company, the continued drop in gold prices is largely attributed to improving U.S. economic data and a strengthening dollar index. Additionally, a decline in geopolitical risks has diminished gold’s traditional role as a safe-haven asset.

Gold futures for August delivery settled at USD 3,335.6 per ounce, reflecting a weekly loss of USD 37.9, or approximately 1.12 percent. Spot prices also fell by 1.12 percent on a daily basis.

The report noted that gold trading last week was marked by high volatility. Prices climbed on Monday and Tuesday, peaking at a weekly high of USD 3,433 per ounce. However, the upward momentum quickly reversed, with prices gradually falling to a low of USD 3,325 by Friday afternoon, influenced by a series of economic and financial updates.

One of the key pressure points on gold was the improvement in U.S. labor market data. Unemployment claims fell for the sixth consecutive week—the longest streak since 2022—bolstering optimism about the strength of the U.S. economy and boosting investor confidence.

Despite a 9.6 percent decline in durable goods orders in June — largely driven by a 22.4 percent drop in aircraft orders — core orders excluding transportation rose by 0.2 percent. This reflected ongoing stability in underlying investment activity.

The U.S. dollar index climbed to 97.68 points, rebounding from two-week lows, supported by falling U.S. Treasury yields. The yield on 10-year Treasury bonds dipped to 4.386 percent, while real yields dropped to 1.936 percent. Still, these declines were not enough to halt gold’s downward trend, as higher real yields and a stronger dollar made gold less attractive compared to other investment instruments.

Improved global market sentiment further contributed to the slide in gold prices. Positive developments in trade talks between the United States and the European Union, as well as a new trade agreement signed with Japan, have boosted risk appetite.

Additionally, easing geopolitical tensions in key regions, including Iran and parts of Asia, have lessened investor demand for gold as a hedge. The report noted that no significant military or political escalations occurred over the past week, further reducing gold’s safe-haven appeal.

Looking ahead, the global markets are closely watching the upcoming U.S. Federal Reserve decision, scheduled for next Tuesday. Futures contracts suggest the Fed may keep interest rates steady within the current range of 4.25 percent to 4.50 percent.

In Kuwait, domestic gold prices mirrored global fluctuations. The price of 24-karat gold reached approximately KD 32.830 per gram, while 22-karat gold was priced at about KD 30.100 per gram. Meanwhile, the price of silver stood at KD 419 per kilogram.