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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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Kuwaiti PM rep. reaffirms commitment to dialogue, regional security

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 ALULA, Saudi Arabia: Representing His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, First Deputy Prime Minister and Interior Minister Sheikh Fahad Yusuf Saud Al-Sabah stressed Wednesday that Kuwait’s participation in Munich Security Conference (MSC) Leaders Meeting, reflects commitment to regional dialogue and cooperation.

In remarks to KUNA, on the sidelines of the meeting in AlUla city, Sheikh Fahad condemned Israeli aggression against Qatar and Gaza as a violation of international law, emphasizing that the assault posed a direct threat to Gulf collective security and broader regional stability, urging urgent international attention.

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He noted that the meeting provided a vital platform to discuss pressing global and regional security challenges, particularly the escalating conflicts and humanitarian tragedies in Gaza and the occupied Palestinian territories, where participants agreed sustainable security remains impossible amid ongoing Israeli aggression.

He warned of grave consequences from escalating conflicts caused by Israeli occupation’s aggression, stressing risks to Gulf stability, while noting deliberations also addressed maritime and energy security, non-proliferation, food and water security, economic challenges, and shared transnational threats facing the international community.Reaffirming Kuwait’s commitment under its current presidency of the GCC, Sheikh Fahad stressed the importance of bolstering collective security, unifying Gulf positions, and strengthening regional and international partnerships, while praising Saudi Arabia’s warm hospitality and MSC’s role in organizing this vital meeting. — KUNA

 

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Deliveroo Kuwait unveils exclusive global dishes

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KUWAIT: Deliveroo Kuwait is serving up a global culinary journey with the launch of the new dishes from “The Exchange Program”. The first-of-its-kind initiative sent four of Kuwait’s top chefs abroad to explore viral food trends. Each created a fusion dish inspired by their journey, available exclusively on Deliveroo.

The program kicked off with Chef Khaled Al-Baker of Young Po, who took inspiration from the bustling streets of Seoul, South Korea, to introduce Rabokki. The dish combines chewy rice cakes and ramen noodles in a spicy, savory sauce, bringing the authentic flavors of Korean street food straight to Kuwait.

From Rome, Italy, Chef Faisal Al-Nashmi of San Ristorante is introducing the Maritozzi Box. Featuring indulgent cream-filled buns, the dish captures the essence of Italy’s sweet traditions while adding Chef Al-Nashmi’s modern touch. Chef Sawsan Daana of Matbakhi is channeling the spirit of Athens, Greece, with the Savory Souffra. Inspired by the communal dining tables of the Mediterranean, this dish celebrates togetherness through a vibrant spread of flavors that highlight the richness and warmth of Greek cuisine.

Finally, OH G!’s Chef Ghalia Hayat is bringing a taste of London, England, with the Donut Pudding Ice Cream. Reinventing classic British desserts, this whimsical dish brings together Hayat’s salted caramel pudding ice cream with a decadent chocolatey fudge swirl and chunks of donut, to deliver a unique sweet experience that will surprise and delight.

Deliveroo Kuwait’s Exchange Program is more than just a menu — it’s a cultural experience. By spotlighting Kuwaiti chefs and their creative reinterpretations of international dishes, the program bridges food trends with local talent, inviting customers to explore the world without leaving their homes. All dishes are available now and for a limited time, exclusively on Deliveroo Kuwait.

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Kuwait to standardize recognition of foreign high school diplomas

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KUWAIT: Kuwait’s ministers of education and higher education are working on a unified system to recognize foreign high school diplomas, a move that comes amid long-running concerns over fairness in the government’s scholarship program.

Every year, thousands of Kuwaiti high school graduates compete for all-expenses-paid government scholarships to study abroad. While students from public, private, and foreign schools can apply, critics have repeatedly accused the program of favouring graduates of foreign-language private schools — a claim officials have repeatedly denied.

On Wednesday, Minister of Higher Education and Scientific Research Dr Nader Al-Jallal and Minister of Education Jalal Al-Tabtabai held a joint meeting to discuss a standardized process. Senior officials from both ministries and representatives from higher education institutions also attended.

In a joint statement, the ministers said they focused on “organizational and technical aspects of the recognition process in a way that limits grade inflation and ensures fairness and equal opportunity for graduates of the Ministry of Education who wish to join various higher education institutions inside and outside the country.”

They also emphasized “the importance of continuing coordination and working in a team spirit between the two sides to reach an integrated and fair system that reinforces confidence in the mechanisms for recognizing foreign secondary school certificates” and committed to implementing the agreed-upon measures “to ensure swift completion and achieve the desired goals.”

The ministries said the effort will help unify procedures to meet the requirements of the coming phase and serve the public interest of students and their families. — Agencies

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