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Gold prices surge to record high amid tensions

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KUWAIT: Gold prices soared to an all-time high of $3,022 per ounce at the close of last week’s trading, driven by persistent global economic and geopolitical uncertainties, alongside tempered expectations regarding US interest rates. A specialized report by Kuwaiti bullion company Dar Al-Sabayek, issued on Sunday, revealed that gold had briefly touched a historic peak of $3,057 per ounce in midweek trading before retreating slightly due to profit-taking by investors capitalizing on the unprecedented surge in the precious metal.

Despite the slight decline, the report highlighted that gold registered gains for the third consecutive week, climbing by 0.7 percent since the start of last week. The upward trend was largely attributed to market anticipation of a reduction in US interest rates in the near term. The report further noted that while the US Federal Reserve maintained interest rates at its most recent meeting, it signaled the possibility of two rate cuts this year, enhancing gold’s appeal as a safe-haven asset amid ongoing economic uncertainties.

Geopolitical tensions remained a key driver of demand for gold. The report cited the ongoing conflict in the Gaza Strip and missile strikes from Yemen targeting US warships in the Red Sea as major factors contributing to heightened investor interest in gold as a hedge against global instability. However, the strengthening of the US dollar index, which reached 104.06 points, exerted downward pressure on gold prices by increasing its cost for foreign investors.

Last week’s record-breaking levels underscored growing concerns over the future of the global economy and escalating political risks, prompting investors to increase gold purchases as a protective measure. The report also pointed to US trade policies under former President Donald Trump, particularly the imposition of tariffs under the “America First” strategy, as a continued source of uncertainty affecting global markets.

These policies have fueled trade tensions, unsettled financial markets, and further driven investors toward gold as a means of safeguarding their portfolios. Looking ahead, the report anticipates that geopolitical instability will remain a significant factor supporting gold prices in the short term, with ongoing military escalation in Gaza, the crisis in Ukraine, and tensions in the Red Sea contributing to regional volatility. 

Forecasts suggest that gold prices could reach $3,500 per ounce by the end of the year, contingent on continued accommodative monetary policies in the US and a heightened risk of economic recession. Market participants are also closely monitoring key economic data releases this week, which could influence both gold prices and the US dollar’s trajectory. These include statements from Federal Reserve officials on monetary policy, personal income and spending figures, and the personal consumption expenditures price index.

On the local front, the Dar Al-Sabayek report noted that the price of 24-karat gold stood at KD 30.15 per gram (approximately $92), while 22-karat gold was priced at KD 27.54 per gram (around $84). Meanwhile, silver prices remained stable at KD 368 per kilogram (roughly $1,202). The report also clarified that an ounce, as a unit of measurement for precious metals, equals 31.103 grams, distinguishing it from its standard weight measurement of 28.349 grams. With continued economic and geopolitical uncertainty, gold remains a crucial asset for investors seeking stability amid volatile global conditions.- 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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