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Gold prices surge amid economic, political tensions

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KUWAIT: Global gold prices witnessed a sharp increase at the close of the first week of July, reaching $3,337 per ounce, as investors turned to the precious metal as a safe haven amid mounting economic and geopolitical uncertainties. In a report issued Sunday, Kuwait’s Dar Al-Sabayek Company attributed the surge to a range of interrelated factors, foremost among them growing concerns over the widening fiscal deficit in the United States. The company noted that fears escalated after the US House of Representatives approved a tax cut and spending expansion package proposed by former President Donald Trump’s administration.

According to the report, projections by the Congressional Budget Office and the Joint Committee on Taxation estimate that the package will increase US public debt by more than $3.4 trillion over the next decade. The resulting pressure on the US dollar prompted many investors to boost their gold holdings to hedge against market instability and the weakening purchasing power of the currency.

The report also highlighted the intensification of trade tensions following the US President’s announcement of new tariffs on several countries, potentially reaching up to 70 percent. These tariffs, expected to take effect in early August, have sparked fears of retaliatory measures by nearly 100 countries should trade agreements fail to materialize by July 9, as warned by the US Treasury Secretary. These developments have contributed to a retreat in the US dollar index, which fell to 97 points against major currencies, further strengthening gold’s appeal. The report pointed out that the holiday-induced liquidity decline in US markets, particularly around the Independence Day holiday, helped reduce selling pressure in the final trading sessions of the week. Despite the upward momentum, gold’s gains were partially curbed by positive US labor market data. Official figures showed that 147,000 jobs were added in June and the unemployment rate dipped to 4.1 percent. This data has dampened expectations of an imminent interest rate cut by the Federal Reserve. Moreover, the rise in yields on 10-year US Treasury bonds to 4.338 percent exerted additional pressure on gold prices.

Dar Al-Sabayek stated that gold continues to respond to shifts in both economic indicators and political developments, even with US markets closed. Investor sentiment remains cautious as markets await key monetary policy signals from global central banks, including the release of the US Federal Open Market Committee (FOMC) meeting minutes and weekly unemployment claims data.

Locally, the report noted that gold prices mirrored global trends in the Kuwaiti market. The price of 24-karat gold reached KD 32.89 per gram (approximately $107), while 22-karat gold was priced at KD 30.15 per gram (about $98). The price of silver remained stable at KD 407 per kilogram (roughly $1,329). Gold is traditionally measured in troy ounces, with one troy ounce equivalent to approximately 31.103 grams, the standard unit for weighing precious metals. — KUNA

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Kuwait committed to protecting creativity and innovation

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KUWAIT: Kuwait reaffirmed its commitment on Wednesday to safeguarding creativity and innovation across commercial and industrial sectors linked to human intellectual achievements. The country emphasized its dedication to working with international partners to establish a balanced and effective global intellectual property (IP) system that promotes innovation and supports sustainable development.

This was highlighted in a speech by Ambassador Nasser Al-Hayyen, Permanent Representative of Kuwait to the United Nations and other international organizations in Geneva, during the General Assembly meeting of the World Intellectual Property Organization (WIPO). Ambassador Al-Hayyen stressed Kuwait’s ongoing efforts to strengthen technical cooperation programs with WIPO, recognizing the organization’s critical role in advancing national IP initiatives. He further highlighted Kuwait’s focus on developing the intellectual property sector, supporting creators and inventors, and raising community awareness about the significance of IP rights and their positive impact on economic growth and social progress.

In this regard, Ambassador Al-Hayyen announced that Kuwait will host the 15th International Invention Fair in the Middle East in February 2025. The event is expected to attract more than 180 inventors from 42 countries, showcasing approximately 230 inventions across various fields. He noted the high-level support and sponsorship the fair receives from both national and international institutions, underscoring Kuwait’s dedication to fostering innovation and supporting inventors. He also referenced the national forum held in April 2025 to commemorate World Intellectual Property Day, which brought together intellectual property offices for dialogue and exchange of experiences.

Ambassador Al-Hayyen praised the successful Diplomatic Conference hosted in Riyadh, Saudi Arabia, which led to the adoption of the “Riyadh Treaty on Design Law.” He described the treaty as a major international achievement that simplifies global procedures for protecting industrial designs. The ambassador further commended WIPO’s vital role in providing technical assistance and capacity building to member states, lauding its focus on enhancing technical capabilities. Kuwait expressed appreciation for the organization’s projects and cooperation programs aimed at improving the efficiency and performance of national intellectual property offices. — KUNA

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Ministry supports initiatives aimed at helping the disabled

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KUWAIT: Minister of Social Affairs, Family and Childhood Affairs Dr Amthal Al-Huwailah reaffirmed on Wednesday her commitment to supporting initiatives and programs aimed at improving the quality of life for persons with disabilities and ensuring their full inclusion in society. In a statement to Kuwait News Agency (KUNA) following her meeting with United Nations Secretary-General’s Representative and Resident Coordinator in Kuwait Ghada Al-Taher and President of Kuwait College of Science and Technology Dr Khaled Al-Beqaeen, the minister emphasized the importance of strengthening cooperation to advance social development and promote inclusive services.

KUWAIT: Minister of Social Affairs, Family and Childhood Affairs Dr Amthal Al-Huwaila with the UN Secretary-General’s Representative and Resident Coordinator in Kuwait Ghada Al-Taher and President of Kuwait College of Science and Technology Dr. Khaled Al-Beqaeen.- KUNA photos

KUWAIT: Minister of Social Affairs, Family and Childhood Affairs Dr Amthal Al-Huwaila with the UN Secretary-General’s Representative and Resident Coordinator in Kuwait Ghada Al-Taher and President of Kuwait College of Science and Technology Dr. Khaled Al-Beqaeen.- KUNA photos

The meeting discussed enhancing partnerships between the ministry, the college, and the UN office in areas related to social development and collaborative projects. Discussions also touched on the Ministry’s sponsorship of the Second International Technology Conference and Forum for People with Special Needs, which aims to leverage innovation in support of accessibility and empowerment.

Dr Al-Huwailah added that the parties also explored potential coordination on the sidelines of the upcoming 11th Ministerial Conference of the Committee of Ministers of Social Affairs and Development of the Gulf Cooperation Council (GCC), scheduled to take place in Kuwait in September. She reiterated the ministry’s commitment to fostering joint action that advances the rights and well-being of persons with disabilities and supports broader regional development goals. — KUNA

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Lammy’s visit underscores deep friendship

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KUWAIT: The United Kingdom’s commitment to its longstanding friendship with Kuwait was reaffirmed this week during an official visit by the UK Secretary of State for Foreign, Commonwealth and Development affairs the Rt Hon David Lammy MP, who was honored to meet with senior Kuwaiti leadership for the 2025 UK-Kuwait Strategic Dialogue.

The UK Foreign Secretary was received by His Highness the Crown Prince Sheikh Sabah Al-Khaled Al – Hamad Al-Sabah, His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah and Foreign Minister Abdullah Ali Al-Yahya. Discussions reflected the strength of the historic relationship between Kuwait and the United Kingdom that spans over 250 years and touched on a wide range of shared interests including regional affairs, defense cooperation, trade and investment and international development partnerships.

As part of the visit, two MoUs were signed between the UK Foreign, Commonwealth & Development Office and Kuwait Fund for Arab Economic Development, on providing joint emergency humanitarian assistance to vulnerable populations affected by conflicts in Somalia and Sudan. Both parties will provide a total contribution of five million dollars to support ICRC’s humanitarian work in Somalia and a total of 10 million dollars to support UNICEF’s work in sustaining vital primary healthcare, nutrition and child protection services in Sudan.

These agreements represent an important step in continuing to build the UK-Kuwait international development partnership following the success of the first joint project in September 2024, which provided aid to Gaza and Yemen. The visit also included a meeting with Minister of Finance & Minister of State for Economic Affairs and Investment, Noura Al-Fassam, where discussions focused on bilateral trade now totaling £6.1 billion per year & investment, advancements on UK-GCC Free Trade Agreement negotiations and UK’s interest in Kuwait’s Vision 2035.

During the visit, the Foreign Secretary visited the Commercial Bank of Kuwait to meet with Chairman Sheikh Ahmad Duaij Jaber Al-Sabah and one of several British Kuwaiti joint venture businesses contributing to Kuwait’s economic development – Kuwait British Renewables. The meeting underlined the UK’s ongoing commitment to supporting private sector collaboration, knowledge exchange and innovation between the two countries. A special meeting was also held with young Kuwaiti diplomats and professionals at Saud Al Nasser Al Sabah Kuwait Diplomatic Institute hosted by Deputy Foreign Minister Sheikh Jarrah Jaber Al-Ahmad Al-Sabah. The Foreign Secretary commended their passion, talent and global outlook, and welcomed their role in shaping the future of Kuwait-UK relations.

The UK Secretary of State for Foreign, Commonwealth and Development affairs, Rt Hon David Lammy MP, commented on the bilateral relationship stating: “Kuwait and the United Kingdom have an enduring, close, deep friendship bounded by people-to-people and strong cultural links, a strong defense and security partnership, we’ve been trading for over 250 years and our first bilateral relations go back to 1899 of course supplemented by the relationship between our two royal families. I am in Kuwait to conduct a strategic dialogue, an important strategic dialogue that sets up the next era of our relations. There’s more we can do on trade, and business, and investment, there’s more that we can do on security and defense at this challenging time for global security and peace particularly here in the Middle East.” Reflecting on the visit, British Ambassador Belinda Lewis, stated: “This visit marks another chapter in over 125 years of close friendship between Kuwait and the United Kingdom. It comes at a time of deepening cooperation across numerous sectors including trade, humanitarian development and cultural exchange. The British Embassy in Kuwait looks forward to building on the momentum of this important visit and continuing to work in partnership with Kuwaiti institutions for the benefit of both our peoples.”

Head of ICRC GCC Regional Delegation, Mamadou Sow stated: “This joint commitment by the Kuwait Fund and the UK’s Foreign, Commonwealth and Development Office sends a strong signal of solidarity with the people of Somalia. With their support, we’re able to deliver essential health and water services in areas where needs are urgent and often invisible. It’s a testament to the power of principled humanitarian action and to the leadership of Kuwait and the UK in placing humanity at the heart of international cooperation.”

UNICEF Gulf Area Office Representative, Eltayeb Adam noted: “This generous joint contribution from the UK Foreign Commonwealth & Development Office and the Kuwait Fund comes at a critical time for children in Sudan. It is more than financial support; it is a lifeline. This partnership shows what’s possible when long-standing partners unite with a shared purpose: to protect children’s rights, restore essential services, and bring hope to those affected by crisis. UNICEF deeply values this growing humanitarian collaboration, which is helping build a more resilient future for Sudan’s most vulnerable children.”

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