Connect with us

Latest News

Gold prices fall amid easing geopolitical tensions, outlook

Published

on

KUWAIT: Gold prices recorded a sharp decline last week, with the price of an ounce dropping to USD 3,274, reflecting a daily loss of more than 1.5 percent, according to a report issued Sunday by Dar Al-Sabaik Company. The drop was attributed to a decline in geopolitical tensions and signs of improvement in global trade activity. A specialist at Dar Al-Sabaik explained that the retreat in gold prices was largely driven by easing concerns in the Middle East, notably the reduced tension between the Zionist entity and Iran. Media reports indicating a potential end to the conflict in Gaza within two weeks further contributed to the decline in demand for gold as a safe-haven asset.

The report noted that progress in the global trade arena also weighed on gold prices. A formal agreement was recently signed between the United States and China to resolve ongoing trade disputes, with additional agreements expected before July 9, potentially involving countries such as South Korea, Vietnam, and members of the European Union. Under the agreement, China will expedite shipments of rare metals, while the US will lift certain retaliatory trade measures – a move that has bolstered confidence in global trade recovery.

In addition, recent US economic data showed the core personal consumption expenditures (PCE) index rose to 2.7 percent in May, surpassing market expectations. Meanwhile, the overall inflation rate held steady at 2.3 percent, reinforcing expectations of a potential interest rate cut by the US Federal Reserve in September. The report further highlighted a rise in consumer confidence as measured by the University of Michigan index, along with declining inflation expectations among US households. These factors boosted equity markets, with the Nasdaq and S&P indices hitting record highs. Similarly, Asian markets reached their highest levels in more than three years. Despite a decline in the US dollar index and steady bond yields, gold failed to capitalize on the positive indicators, showing signs of temporary weakness as a hedge against market volatility. — KUNA

Dar Al-Sabaik’s report suggested that unless new factors emerge to support gold’s upward trajectory, the market may witness a deeper price correction amid ongoing uncertainty. Global markets are now closely watching key developments, including the conclusion of US trade negotiations before the July 9 deadline for customs tariffs, and the upcoming European Central Bank forum. Federal Reserve Chair Jerome Powell and several central bank governors are expected to speak on the future of monetary policy.

Markets are also anticipating a series of economic reports this week, including US job data, inflation figures in the Euro-zone, and activity indicators from China, Germany, Japan, and Australia. On the domestic front, the report stated that the price of 24-karat gold stood at KD 32.32 (approximately USD 99) per gram, while 22-karat gold was priced at KD 29.62 (around USD 91). The price of silver reached KD 402 per kilogram (about USD 1,313). The ounce—commonly used in precious metal markets—is equal to 31.103 grams. — KUNA

Latest News

Expert urges caution as rising humidity triggers respiratory issues

Published

on

By

KUWAIT: As Kuwait experiences a combination of humid and dusty weather, a health expert warns that these conditions can significantly worsen respiratory illnesses such as asthma and allergies. Northern winds often bring dust storms typical of Kuwait’s desert environment, while rising humidity levels add another layer of challenge for vulnerable individuals.

“Humid air is heavy on the respiratory system because it’s saturated with water, making breathing more difficult,” Dr Abdullah Al-Mutairi, a consultant in respiratory diseases and intensive care, told KTV news channel. When moisture fills the air, tiny particles that usually settle on the ground become airborne, aggravating symptoms for allergy sufferers. Dust also plays a major role in triggering breathing problems, he explained.

“The current weather is humid and hot, which irritates the respiratory system, especially for those with allergies or asthma,” said Dr Al-Mutairi. “People should monitor air quality and avoid going outside when it’s poor. Staying indoors in air-conditioned, enclosed spaces is much safer for them.”

People living with asthma and allergies shared their coping strategies with KTV, emphasizing the importance of staying indoors and carrying necessary medications. “If you must go out, wear a mask and carry your medicines,” advised one participant. Another warned, “Avoid sudden changes between humid outdoor air and cold air-conditioning.”

Dr Al-Mutairi also addressed concerns about post-COVID-19 respiratory sensitivity. “Severe viral infections like COVID-19 can cause individuals who never had respiratory issues to develop allergies afterward,” he said. He cautioned against the misuse of inhalers, noting they’re not typically appropriate treatments for common colds or the flu. Patients with moderate to severe asthma often experience symptoms daily or several times a week and require regular use of preventive inhalers to protect their respiratory system from external irritants.

“For mild asthma, symptoms usually occur during viral infections or extreme weather, and inhalers may only be needed during those times,” he explained. The duration of inhaler use varies depending on the patient’s severity and response, ranging from a few days to several weeks.

Importantly, he clarified that not every wheezing episode indicates asthma. Wheezing can also result from sinus infections or other viral illnesses, and inhalers are not prescribed in all cases.

Continue Reading

Latest News

New rules to protect public money, speed up courts

Published

on

By

Cabinet expands criminalization for public office misuse • Brings e-filing, remote sessions to courts

KUWAIT: Kuwait’s Cabinet has approved important changes to laws aimed at better protecting public funds and speeding up the court system. Deputy Prime Minister and Minister of State for Cabinet Affairs Shareeda Al-Maousherji, shared details after the weekly Cabinet meeting held at Bayan Palace under Acting Prime Minister Sheikh Fahad Yousef Saud Al-Sabah.

The new rules widen the scope of what counts as misuse of public office, covering any illegal benefit. Penalties are stricter, especially when misuse involves government contracts or tenders. Officials will also be barred from sharing confidential information for up to ten years after leaving their jobs, with fines and possible dismissal if they break this rule.

Courts will have more authority to remove officials even if mistakes were unintentional. New provisions make fraud in government contracts a criminal offense, and intentional damage to public funds is now punishable even if no personal gain is involved. Companies can also be held accountable for crimes involving public money. Prosecutors will have the power to demand the return of funds even after criminal cases are dropped. And submitting false or misleading information can now lead to fines up to KD 10,000.

The changes also unify the definition of who counts as a public employee, extend deadlines for reporting to the Audit Bureau to 30 days, and introduce electronic ways to submit those reports. They also raise the threshold for investment disclosures to KD 250,000, with reporting moving to an annual schedule.

Digital courts

On the court procedures side, the Cabinet approved amendments to speed up civil and commercial cases and to fully embrace digital tools. From filing lawsuits to enforcing judgments, processes can now be done electronically, and remote court sessions will be allowed.

These changes come as part of the Ministry of Justice’s ongoing digital transformation. Minister of Justice Nasser Al-Sumait told the Kuwait News Agency (KUNA) last week that the ministry is in the final stages of issuing legislation that “will grant us the legal authority to fully transition to an electronic system.”

The digital rollout will focus on three key areas: filing and registering cases—including announcements and fee payments—streamlining court procedures to reduce delays, and, most importantly, ensuring smooth enforcement of rulings. Contracts with tech giants Google and Microsoft will support this transition, Al-Sumait added.

Tuesday’s amendments include higher fines for judge recusal requests. If someone wants to request a judge’s recusal, they’ll need to pay a bail of KD 200, with fines between KD 500 and KD 1,000 if the request is refused. Repeat requests to recuse the same judge won’t be allowed, and all requests must be decided within a month. The new rules appear to be aimed at protecting fairness by allowing parties to request a judge step aside if there’s a conflict of interest. At the same time, bail and fines discourage repeated or frivolous requests that could delay cases.

This balance helps speed up court proceedings while ensuring impartial judgments. The changes come as Kuwait faces a backlog of more than 81,000 appeals at the Court of Cassation — a crisis that has already prompted the formation of ten new judicial committees to fast-track case reviews. The Cabinet also reviewed several draft decrees related to agreements and cooperation with friendly countries. These will be forwarded to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for approval. — Agencies

Continue Reading

Latest News

Kuwait, Somalia strengthen ties with new agreements

Published

on

By

KUWAIT: Kuwait and Somalia took a significant step in deepening their bilateral ties on Tuesday by signing a series of agreements aimed at boosting cooperation across diplomatic, political, and training sectors.

The agreements include the establishment of a joint committee to oversee bilateral cooperation, a memorandum of understanding (MoU) to hold regular bilateral consultations, and a cooperation pact between Kuwait’s Saud Al-Nasser Al-Sabah Diplomatic Institute and Somalia’s Institute of Diplomacy and Training. These agreements are designed to formalize and expand collaboration between the two countries.

Kuwait’s Foreign Minister Abdullah Al-Yahya and Somalia’s Foreign Minister Abdisalam Abdi Ali are seen after signing a series of cooperation agreeements during Ali's visit to Kuwait. — KUNA photos

Kuwait’s Foreign Minister Abdullah Al-Yahya and Somalia’s Foreign Minister Abdisalam Abdi Ali are seen after signing a series of cooperation agreeements during Ali’s visit to Kuwait. — KUNA photos

The signings followed a high-level meeting between Kuwait’s Foreign Minister Abdullah Al-Yahya and Somalia’s Foreign Minister Abdisalam Abdi Ali during the Somali minister’s official visit to Kuwait. The ministers reviewed the close and longstanding relationship between their nations and discussed opportunities to enhance partnership in various fields.

Regional and international developments affecting both Kuwait and Somalia were also on the agenda, reflecting the two countries’ shared interest in stability and development within the Middle East and Horn of Africa regions. His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah also received the ministers at Bayan Palace. — KUNA

Continue Reading

Trending

Copyright © 2025 SKUWAIT.COM .