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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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Kuwait enforces eviction of charities from private housing

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KUWAIT: Kuwait Municipality launched Thursday its first field inspection campaign to evacuate charity associations and foundations operating in private and model residential areas across the six governorates.

Private residential areas are low-density zones reserved for single-family housing, primarily intended for Kuwaiti citizens, where land is distributed through the country’s housing welfare program. In contrast, investment housing areas feature multi-unit buildings — such as apartments, duplex villas, and studios — designed for rental or ownership across all floors.

The campaign comes following a request from the Ministry of Social Affairs to Kuwait Municipality to enforce Ministerial Decision No. (206/2009) — which prohibits the use of buildings in private residential areas for any purpose other than private housing. The ministry began surveying all registered charities — approximately 84 organizations with over 200 branches across the country — earlier this month to take legal action against those located in private residential zones.

Khaled Al-Fadhli, Head of the Emergency Team at Ahmadi Municipality, told Kuwait News Agency (KUNA) that field teams had issued warnings to several charity premises over the past days, ordering them to vacate. On Thursday, the teams inspected five areas — Fahaheel, Fintas, Ali Sabah Al-Salem (Umm Al-Hayman), Sabah Al-Ahmad Residential City, and Al-Sabahiya — issuing 15 evacuation warnings. Al-Fadhli praised the cooperation of some associations that voluntarily removed their violations in Al-Ahmadi Governorate.

Al-Fadhli stressed that the monitoring teams will not tolerate any violations of Kuwait Municipality’s regulations and laws, emphasizing that field campaigns will continue over the coming days across different governorates.

This move is part of a wider regulatory reform of Kuwait’s charitable sector. Last month, the ministry suspended all charitable fundraising nationwide, citing concerns about unauthorized campaigns. Since November 2024, Minister of Social Affairs Dr Amthal Al-Huwailah has dissolved at least 30 charities found inactive after inspections. These measures are designed to eliminate inactive or ineffective organizations and ensure that resources are being used efficiently.

These reforms also align with Kuwait’s efforts to improve financial oversight and comply with international anti-money laundering standards. A Financial Action Task Force (FATF) report released in November 2024 acknowledged Kuwait’s legal framework to combat illicit finance, but pointed to enforcement challenges. Countries that fall short of FATF standards risk being greylisted or blacklisted, which can affect global financial relations. Kuwaiti authorities have since ramped up coordination among ministries to tighten control, particularly over cross-border donations. Officials say these efforts aim to uphold Kuwait’s humanitarian leadership while meeting international best practices. — Agencies

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Indian Learners Own Academy visits Kuwait Times, Kuwait News

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KUWAIT: A group of students from Indian Learners Own Academy visited the offices of Kuwait Times and Kuwait News on Monday for an interactive media tour on Thursday. Aimed at sparking curiosity and creativity, the visit gave students a glimpse into the dynamic world of journalism beyond the classroom. Thursday’s visit was the second this week, after another group of students from the academy explored Kuwait Times and Kuwait News on Wednesday.

Jana Alnaqeeb, Kuwait Times’ PR & CSR Manager, led the tour alongside members of the digital and editorial teams. The students explored various departments, including the editorial section, studio, printing press, and archives, gaining firsthand insights into how news stories are created, edited, and published. They also learned about the importance of credible reporting and how social media content is crafted to engage younger audiences.

Adding a playful twist to the visit, the team organized a game of hide and seek for the students, who dashed through the newsroom and turned the space into a lively, energetic environment.

The visit was part of the school’s initiative to blend education with real-world exposure and Kuwait Times’ ongoing mission to connect with and inspire future generations.

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AUK students unite for Gaza with ‘Play it Forward’ awareness event

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KUWAIT: The Finance Club at the American University of Kuwait (AUK) organized an awareness event titled “Play it Forward” on Wednesday, in collaboration with the Office of Student Life and 12 student organizations, to shed light on the ongoing humanitarian crisis in Gaza. Speaking to Kuwait Times, Shoroq Bukhamsin, President of the Finance Club, said the event’s primary aim was to amplify awareness. “We wanted people to remember the cause, to remember the people. It’s still relevant and it will never stop being relevant,” she said.

A key feature of the event was an emotional art exhibition titled “Gaza Habibti” by Untold Palestine, which displayed photographs of Gaza’s people before and after the war. “The gallery traces the emotional journey — beginning with life before the war, then documenting the devastation and personal stories from the current conflict,” Bukhamsin explained. “It reminds us they are not just numbers. They are souls, families, daughters and sons.”

The exhibition also included large-scale installations by regional artists, including a moving piece known as the Martyr’s Wall, which displayed photos of 1,300 Palestinians who lost their lives. “This is not even a fraction; the current death toll exceeds 50,000,” Bukhamsin noted. She extended heartfelt thanks to AUK, faculty advisors, club executives, supporting businesses, and Kuwait Times for their support and coverage.

Jumanah Al-Bloushi, Vice President of the Finance Club, said the event also featured an open market and game zone. Local businesses and food vendors participated, pledging 25 percent of their proceeds to humanitarian causes related to Palestine. Attendees were encouraged to donate through interactive games.

A performance show by ArtScene and Argan Bedaya capped the event, featuring music, poetry and storytelling in tribute to Palestinian identity and resilience. Al-Bloushi praised the collective spirit: “It’s so beautiful to see so many different organizations come together just to make this happen today.” She added, “This event is a reminder that even after a year, the Palestinian cause is still relevant and we will not let it be forgotten.”

Mishari Al-Ibrahim, a member of the Boycott, Divestment and Sanctions (BDS) movement in Kuwait, also participated in the exhibition. He emphasized the boycott as a powerful form of resistance: “Here in Kuwait, we’re pioneers and active in this field,” he said. “These events allow us to explain the different forms of boycott — commercial, academic and sports — as tools to counter normalization and raise awareness.”

He encouraged individuals to engage by staying informed and making conscious choices. “At the very least, refrain from buying targeted products and raise awareness among your family and peers,” he said. “When you have the right information, you become a source of knowledge. That’s how you become an active member of the global boycott movement and part of the change.”

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