Kuwait's 24K gold hits KD33.32
Although the White House has attempted to downplay the move, market sentiment shifted strongly in favor of gold as a safe-haven asset, especially amid rising trade tensions between the U.S. and Europe, notably Switzerland, which is a global center for gold refining and export. In addition to geopolitical concerns, weak U.S. economic data has reinforced expectations of an imminent interest rate cut by the Federal Reserve. With unemployment benefit claims reaching their highest level since November 2021 and a slowdown in the services sector, markets are now pricing in a 92 percent chance of a rate cut at the Federal Reserve's upcoming meeting.
Despite a rise in the 10-year U.S. Treasury yield to 4.285 percent and a slight improvement in the dollar index, investor demand for gold remains strong amid uncertainty over the future of U.S. monetary policy. The Dar Al-Sabaik report noted that the classification of gold as a tariffed good sends a political message to the European Union and signals a U.S. strategy aimed at reducing dependence on foreign financial centers, even allied ones. While tensions have yet to escalate into direct conflict, the situation has prompted investors to increase their gold holdings. Looking ahead, the report indicated that market attention will turn to upcoming U.S. data releases, including the consumer price index, retail sales, and consumer confidence index, as well as statements from Federal Reserve officials. Any negative or mixed signals could help keep gold at current levels or drive prices even higher. (KUNA)
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Arab Times
12 hours ago
- Arab Times
Kuwait's 24K gold hits KD33.32
KUWAIT CITY, Aug 10: Gold prices in Kuwait saw a notable increase last week, with the price of 24-karat gold rising to KD 33.320 per gram (around $108), and 22-karat gold reaching KD 30.544 per gram (about $100). The price of silver also climbed, with one kilogram selling for KD 421 (approximately $1,377). According to a report issued on Sunday by the Kuwaiti company Dar Al-Sabaik, the rise in domestic gold prices mirrors global trends, with international spot prices closing at $3,398 per ounce, marking the highest level in two weeks amid the recent U.S. decisions on customs tariffs. The report highlighted that a surprise decision by U.S. Customs and Border Protection to classify 1 kg and 100-ounce gold bars under a tariff category has raised concerns about new regulatory pressures on gold trade. Although the White House has attempted to downplay the move, market sentiment shifted strongly in favor of gold as a safe-haven asset, especially amid rising trade tensions between the U.S. and Europe, notably Switzerland, which is a global center for gold refining and export. In addition to geopolitical concerns, weak U.S. economic data has reinforced expectations of an imminent interest rate cut by the Federal Reserve. With unemployment benefit claims reaching their highest level since November 2021 and a slowdown in the services sector, markets are now pricing in a 92 percent chance of a rate cut at the Federal Reserve's upcoming meeting. Despite a rise in the 10-year U.S. Treasury yield to 4.285 percent and a slight improvement in the dollar index, investor demand for gold remains strong amid uncertainty over the future of U.S. monetary policy. The Dar Al-Sabaik report noted that the classification of gold as a tariffed good sends a political message to the European Union and signals a U.S. strategy aimed at reducing dependence on foreign financial centers, even allied ones. While tensions have yet to escalate into direct conflict, the situation has prompted investors to increase their gold holdings. Looking ahead, the report indicated that market attention will turn to upcoming U.S. data releases, including the consumer price index, retail sales, and consumer confidence index, as well as statements from Federal Reserve officials. Any negative or mixed signals could help keep gold at current levels or drive prices even higher. (KUNA)
Kuwait Times
12 hours ago
- Kuwait Times
Kuwaiti households reap rewards for saving energy, water
KUWAIT: The Ministry of Electricity, Water and Renewable Energy says a program incentivizing citizens to rationalize their power and water use is making a significant impact in reducing consumption across the country — and rewarding consumers with lower bills. Launched in 2020, the initiative, called 'Hafez', gives financial incentives to households that prove they have cut their electricity and water usage. 'Savings start on the customer's bill, but they also reduce the massive costs the state incurs to produce electricity and water, cut fuel use, and lower harmful emissions,' said Khadija Al-Mashari, head of the ministry's awareness and media team for conservation, in an interview with KTV news channel. Under the program, electricity savings of 20 percent or less earn customers double that percentage as a discount on their monthly bill. If savings exceed 20 percent, customers receive a 40 percent discount on their electricity bill for that month. The program tracks savings month by month, and if savings occur in some months but not others, the qualifying months are added together, with rewards paid out at the end of the calendar year. For water, customers who save up to 25 percent receive double that percentage as a discount. Those who save more than 25 percent get a 50 percent discount on their water bill for that month. Like electricity, water savings vary monthly, and the total savings are calculated and rewarded annually. The program, based on Article 2 of Law No. 20 of 2016, has so far enrolled over 8,000 customers. 'More than 5,000 to 6,000 clients have received rewards, totaling nearly KD 120,000,' Al-Mashari noted. Hafiz complements the ministry's year-round 'Waffir' campaign, which focuses on public education and direct engagement. Teams have visited malls, markets, and community events to share tips on reducing consumption. 'Conservation is not just for summer — it's a lifestyle,' Al-Mashari said. Enrollment is open only to Kuwaiti citizens with private residences. In addition, the consumer must have lived at their property for at least one year, with neither the consumer nor the property having any active violations. There must be an active electricity or water service contract associated with the account number, and the property must have no overdue installment payments. Registration for Hafiz is available via the Sahel app or the ministry's website. Minor faults Al-Mashari also addressed concerns about scheduled power outages, which the ministry has previously enforced to manage high demand. Programmed cuts were imposed on parts of over 60 residential, agricultural and industrial areas earlier this summer as high temperatures put pressure on the country's grid. At the time, the ministry said consumption was 21 percent higher than the same period last year. 'As we have recently seen, there have been no programmed cuts,' she said. 'Any outages in recent months were due to minor faults in the network, which is to be expected with increasing demand as mercury soars.' She added that the ministry closely tracks consumption levels, temperature forecasts, and network performance to ensure uninterrupted service during peak summer demand. Al-Mashari stressed that conservation doesn't mean giving up comfort: 'When we say 'save,' we're not asking you to reduce your comfort or disrupt your daily routines — just avoid waste.'
Kuwait Times
12 hours ago
- Kuwait Times
Japan's foreign minister to visit Kuwait in September
Officials highlight health sector as priority area for collaboration during high-level talks TOKYO: Japan's Foreign Minister Takeshi Iwaya is set to visit Kuwait on September 1 for official talks aimed at deepening the countries' comprehensive strategic partnership and exploring new opportunities for bilateral cooperation. The visit was announced during the fifth round of political consultations held between Kuwait and Japan's foreign ministries in Tokyo. The talks were co-chaired by Kuwait's Assistant Foreign Minister for Asian Affairs, Ambassador Sameeh Hayat, and Japan's Assistant Foreign Minister and Director-General for Middle East and Africa Affairs, Ambassador Toshihide Ando. During the discussions, both sides highlighted the health sector as a priority area for collaboration. In a statement published by Kuwait News Agency (KUNA), Ambassador Hayat said the discussions emphasized 'the importance of the health sector and other main areas of cooperation, which can be further expanded given their priority for development, sustainability, and global competitiveness.' Ambassador Hayat said the discussions took place 'in a friendly atmosphere reflecting the depth of friendship and cooperation between the two countries, which has lasted more than six decades.' Ambassador Sameeh Hayat (right) and Ambassador Toshihide Ando. GCC-Japan meeting Consultations also focused on following up on the outcomes of Kuwait's Crown Prince His Highness Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah's visit to Japan in May, which elevated bilateral ties to a comprehensive strategic partnership. This partnership spans a wide array of sectors—including economic, commercial, investment, health, cultural, scientific, academic, renewable energy, oil, and petrochemicals—all of which play a vital role in ensuring energy security and stabilizing costs. Both sides expressed a strong desire to expand their economic cooperation and discussed regional and international issues of mutual interest. Ambassador Hayat also praised Japan's historic support for Kuwait's just cause during the 1990 Iraqi invasion and recalled the longstanding cooperation dating back to 1958 through joint oil exploration efforts. The upcoming visit by Minister Iwaya will include official talks with Kuwaiti Foreign Minister Abdullah Al-Yahya and participation in the second joint ministerial meeting of the Gulf Cooperation Council-Japan strategic dialogue, signaling a commitment to elevate bilateral relations even further. — KUNA
