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Gold prices fall amid easing geopolitical tensions, outlook

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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

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Kuwait envoy urges using digital tools for peace, recovery

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RIYADH: Kuwait’s Ambassador to Saudi Arabia and Permanent Representative to the Digital Cooperation Organization (DCO), Sheikh Sabah Nasser Sabah Al-Ahmad Al-Sabah, on Monday underscored the importance of employing digital technologies to support peacebuilding, humanitarian efforts and post-conflict reconstruction as pathways to stability and prosperity.

Representing Kuwait, which holds the DCO presidency for 2025, Sheikh Sabah delivered his remarks at the fifth edition of the Digital Cooperation Diplomacy series, jointly organized by the Kuwaiti Embassy in Riyadh and the DCO under the theme “Digital Tools to Enhance Post-Conflict Recovery.” The event was attended by DCO Secretary-General Dima Al-Yahya, former UK Minister of Culture and Digital Economy Lord Ed Vaizey, alongside a host of ambassadors and diplomats accredited to Riyadh.

In his speech, Sheikh Sabah stressed the urgency of deepening cooperation in the face of global challenges and advancing policies that ensure the effective use of digital tools in conflict resolution and recovery. “The participation of diplomats in this dialogue reflects their commitment to the objectives of the DCO,” he said. He reaffirmed Kuwait’s strong support for the organization’s mission to accelerate digital prosperity and inclusive growth, highlighting the importance of building a more resilient and prepared digital ecosystem through collaboration and collective action.

“The convening of this dialogue comes at an exceptional time when Kuwait attaches great importance to digital transformation as part of its Vision 2035, while working to advance the shared interests of the international community,” Sheikh Sabah said. He noted that Kuwait’s simultaneous presidency of both the DCO and the Gulf Cooperation Council this year underscores the weight of its responsibilities amid mounting global challenges. DCO Secretary-General Dima Al-Yahya, for her part, emphasized the critical role of digital technology in post-conflict recovery, noting that today’s crises have displaced more than 122 million people worldwide. “Wars and disasters tear apart institutions, erode trust and displace families,” she said.

“But digital reconstruction can help accelerate recovery, rebuild societies on stronger foundations and design systems that are more just and effective.” She called for flexible, realistic and responsive international cooperation to keep pace with rapid digital transformations, while urging stronger partnerships between governments, technology companies, academia and civil society to ensure that digital transformation benefits reach the most vulnerable.

Former UK Minister Lord Ed Vaizey also highlighted the transformative potential of technology in rebuilding societies. “From restoring basic services to creating opportunities for young entrepreneurs, digital innovation offers hope even in the most difficult circumstances,” he said. The dialogue, held under Chatham House rules, brought together ambassadors from DCO member states and international partners for an open exchange on harnessing digital tools to promote peace, reconstruction and long-term stability. — KUNA

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Cabinet approves draft laws on real estate, children

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KUWAIT: The Cabinet on Tuesday received a detailed presentation from Governor of the Central Bank of Kuwait Basel Ahmad Al-Haroun on Fitch Ratings’ recent affirmation of Kuwait’s sovereign credit rating at AA- with a stable outlook, highlighting the country’s strong domestic financial position and exceptionally robust external balance. Following the weekly Cabinet meeting chaired by His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah at Bayan Palace, Deputy Prime Minister and Minister of Cabinet Affairs Shareeda Abdullah Al-Maousherji said the presentation outlined the framework for sovereign credit ratings, Kuwait’s rating trajectory, analytical pillars and factors that could impact future ratings.

The Cabinet reiterated its commitment to continuing financial reforms to strengthen Kuwait’s sovereign credit standing globally. Earlier in the meeting, ministers reviewed messages sent to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah from foreign leaders regarding bilateral relations and cooperation across multiple sectors. On domestic projects, Minister of Public Works Dr Noura Mohammad Al-Mashaan briefed the Cabinet on coordination efforts with the Audit Bureau and the Central Agency for Public Tenders, alongside representatives from the Ministry of Interior, General Authority of Civil Aviation, and the Fatwa and Legislation Department.

Discussions focused on enhancing coordination to ensure the New Passenger Terminal (T2) project at Kuwait International Airport meets the highest standards of quality and efficiency. The Cabinet called on all relevant authorities to intensify efforts, address challenges, and accelerate project implementation according to the specified timeline.

In legislative matters, the Cabinet approved a draft decree-law amending certain provisions of Law No 21 of 2015 on Children’s Rights. The amendments aim to ensure newborns are added to the father’s nationality portfolio, with penalties for non-compliance as stipulated in Article 81. The Ministry of Interior, in coordination with the Fatwa and Legislation Department, will prepare an explanatory memorandum for the decree-law, which will be submitted to His Highness the Amir for approval.

The Cabinet also reviewed and approved draft decrees concerning controls on real estate ownership by non-Kuwaitis under Decree-Law No. 74 of 1979, and amendments to Decree No 37 of 1994 establishing the Kuwait Institute for Judicial and Legal Studies. These draft decrees, along with a unified industrial regulation law for GCC countries and several memoranda of understanding with foreign governments, will be submitted to His Highness the Amir. The meeting concluded with the Cabinet approving additional agenda items and referring specific topics to relevant ministerial committees for further review and reporting. — KUNA

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UN Special Rapporteur calls on Kuwait to form women’s ministry

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KUWAIT: Women in Kuwait continue to face challenges in reporting incidents of violence due to “insufficient specialized judicial courts, ineffective shelters and limited protection systems”, United Nations Special Rapporteur on Violence against Women and Girls Reem Alsalem said on Monday in a press conference held at UN House in Kuwait. She emphasized the need for both immediate improvements — such as strengthening shelters and outreach programs — and broader structural reforms, including the establishment of “a stand-alone ministry or high council on women reporting directly to the prime minister.”

Victims continue to face obstacles in accessing justice, Alsalem stressed, pointing to long litigation processes, social stigma, and poor coordination between police, prosecution, and social services. She noted that while family violence courts and hotlines exist, “all shelters that officially exist were under renovation at the time of my visit and could therefore not be accessed”.

The Special Rapporteur drew attention to the plight of domestic workers and migrant women, who remain highly vulnerable under the sponsorship (kafala) system despite protections under the Domestic Workers Law of 2015. She welcomed recent measures that allow temporary sector transfers but said, “their impact remains limited in the face of insufficient enforcement and limited inspection of work conditions.”

Alsalem also highlighted serious nationality-related challenges. Kuwaiti women married to non-Kuwaiti men cannot pass on their nationality to their children on an equal basis with men. She described the consequences for these children as “systemic legal and social discrimination”, leaving them excluded from senior positions in the public sector and dependent on their mother’s legal status, which they lose upon her death.

Equally concerning, she said, was Kuwait’s recent resort to the withdrawal of nationality, a policy introduced in 2024 that has left tens of thousands affected. “Women bear a disproportionate burden, as the majority of those whose citizenship has been revoked are foreign women who had naturalized via marriage to Kuwaiti men,” Alsalem noted, describing the impact as devastating: Loss of jobs, property, pensions, housing, travel rights and access to basic services. While she acknowledged mitigation efforts such as temporary passports and an online appeals portal, she emphasized the need for an independent appeals mechanism under the judiciary.

Looking ahead, Alsalem underscored the need for better data collection, awareness campaigns to challenge harmful societal norms, and “one-stop shops” that provide safe spaces and comprehensive services for survivors of violence. She urged Kuwait to engage more closely with civil society organizations in running shelters and outreach programs.

Despite these challenges, Alsalem acknowledged Kuwait’s positive steps. She welcomed reforms such as the 2020 Domestic Violence Law, the 2025 Penal Code amendments abolishing leniency in so-called “honor killings,” and the 2025 reform of the Personal Status Law raising the marriage age to 18 for both sexes. She also noted Kuwait’s progress on equal pay for equal work, growing female participation in leadership, judiciary, diplomacy, and sports, and its humanitarian role in crises from Gaza to Sudan.

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