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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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PAHW signs investment contract for commercial complex and health club

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KUWAIT: The Public Authority for Housing Welfare (PAHW) signed on Wednesday the investment opportunity contract (Q1) for the development of a commercial complex and a health club in the Al-Qairawan area, covering an area of approximately 12,500 square meters. The signing ceremony was attended by Minister of State for Municipal Affairs and Minister of State for Housing Affairs Abdullatif Al-Meshari, alongside senior officials from PAHW.

Minister Al-Meshari stated in a press release following the signing that the project reflects PAHW’s strategic efforts to boost private sector participation in developing service projects. He emphasized the authority’s keenness to strengthen partnerships with the private sector to achieve sustainable urban development in line with the state’s directives, while diversifying PAHW’s revenue sources.

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Acting Deputy Director General for Investment Affairs and Private Sector Projects at PAHW, Anwar Al-Hulaila, said the project comprises three key components: a commercial complex, a health club, and parking facilities. He added that the commercial complex will cover approximately 4,900 square meters, the health club about 2,000 square meters, and parking spaces will occupy 5,600 square meters distributed between the two sites.

Al-Hulaila noted that the project’s expected revenues are estimated at around KD 12.3 million (approximately $40.5 million) over a 20-year investment period. He reaffirmed PAHW’s commitment to providing high-quality services that meet citizens’ aspirations and improve the quality of life within residential communities. — 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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