Gold In Kuwait Soars To KD 33
According to a report released Sunday by Kuwait's Dar Al-Sabeek company, U.S. President Donald Trump's decision to announce a 35 percent tariff on Canadian imports, set to take effect in early August, along with potential tariffs of 15 percent to 20 percent on other major trade partners, contributed to growing market uncertainty. As a result, investors turned to precious metals for protection. The report also highlighted President Trump's call for a 300-basis-point interest rate cut, which has raised expectations of appointing a more dovish Federal Reserve chair to replace Jerome Powell. Such a move could increase inflationary pressures and enhance gold's appeal as a hedge.
Despite a fourth straight week of declining U.S. jobless claims, attention is now focused on upcoming inflation data due this Thursday. Forecasts suggest a year-on-year rise in the Consumer Price Index (CPI) to 2.6 percent for June, which may further drive investors toward gold as a store of value. Gold traded last week within a support range between $3,300 and $3,332 per ounce, with resistance levels noted at $3,376 and $3,400. This positioning gives gold buyers a clear technical advantage and strengthens the likelihood of a continued medium-term upward trend. Silver also witnessed impressive gains, rising three percent both on a daily and weekly basis to reach its highest level in 13 years at $38.30 per ounce.
The report noted that silver broke through its previous technical resistance at $37 per ounce, signaling strong short-term buyer control and sustained momentum within a solid upward trend. On the geopolitical front, the report highlighted escalating tensions in the Middle East and Red Sea, particularly due to repeated attacks on commercial vessels. These developments have led investors to seek refuge in safe assets like gold and silver, reinforcing their roles as primary hedging tools during global crises. (KUNA)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab Times
4 hours ago
- Arab Times
European trade ministers meet to forge strategy after Trump's surprise 30% tariffs
BRUSSELS, July 14, (AP): European trade ministers are meeting in Brussels on Monday, following US President Donald Trump's surprise announcement of 30% tariffs on the European Union. The EU is America's biggest business partner and the world's largest trading bloc. The US decision will have repercussions for governments, companies and consumers on both sides of the Atlantic. "We shouldn't impose countermeasures at this stage, but we should prepare to be ready to use all the tools in the toolbox,' said Denmark's foreign minister, Lars Løkke Rasmussen, told reporters ahead of the meeting. "So we want a deal, but there's an old saying: 'If you want peace, you have to prepare for war.'' The tariffs, also imposed on Mexico, are set to start on Aug 1 and could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the U.S., and destabilize economies from Portugal to Norway. Meanwhile, Brussels decided to suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month. The "countermeasures' by the EU, which negotiates trade deals on behalf of its 27 member countries, will be delayed until Aug. 1. Trump's letter shows "that we have until the first of August' to negotiate, European Commission President Ursula von der Leyen told reporters in Brussels on Sunday. Maroš Šefčovič, the EU's trade representative in its talks with the U.S., said negotiations would continue "I'm absolutely 100% sure that a negotiated solution is much better than the tension which we might have after the 1st of August," he told reporters in Brussels on Monday. "I cannot imagine walking away without genuine effort. Having said that, the current uncertainty caused by unjustified tariffs cannot persist indefinitely and therefore we must prepare for all outcomes, including, if necessary, well-considered proportionate countermeasures to restore the balance in our transit static relationship.'
Arab Times
4 hours ago
- Arab Times
Asian shares mixed after S&P 500 and Nasdaq composite pull back from all-time highs
BANGKOK, July 14, (AP): Shares were mixed in Asia on Monday after the S&P 500 and the Nasdaq composite edged away from the records they set last week. An announcement over the weekend by US President Donald Trump that he plans 30% tariffs on goods from Mexico and the European Union had scant immediate impact, as analysts said they expected progress toward trade deals before an Aug 1 deadline. Trump detailed the planned tariffs Saturday in letters posted to his social media account. The Mexican peso weakened slightly against the dollar, trading at 18.6 pesos to the dollar. Chinese shares advanced after the government reported that exports rose last month as a truce in a tariffs war prompted a surge in orders ahead of an Aug 12 deadline for reaching a new trade deal with Washington. Hong Kong's Hang Seng gained 0.5% to 24,253.18, while the Shanghai Composite index also was up 0.5%, at 3,526.75. Tokyo's Nikkei 225 index slipped 0.3% to 39,459.20, while the Kospi in South Korea jumped 0.8% to 3,200.25. In Australia, the S&P/ASX 200 was little changed at 8,577.80. Taiwan's benchmark lost 2.3%. On Friday, a modest pullback for US stocks left major stock indexes on Wall Street in the red for the week. The S&P 500 closed 0.3% lower, at 6,259.75, a day after setting a record high. The Dow Jones Industrial Average dropped 0.6% to 44,371.51, and the Nasdaq composite gave up 0.2% to 20,585.53 after drifting between small gains and losses much of the day. The tech-heavy index was coming off its own all-time high on Thursday. The selling capped an uneven week in the market as Wall Street kept an eye on the Trump administration's rollout of new tariff threats against trading partners like Canada and looked ahead to the upcoming corporate earnings reporting season. Trump said in a letter Thursday that he will raise taxes on many imported goods from Canada to 35%, deepening the rift between the longtime North American allies. The letter to Canadian Prime Minister Mark Carney was an aggressive increase to the top 25% tariff rates that Trump first imposed in March. The administration had initially set Wednesday as a deadline for countries to make deals with the U.S or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has been been extended to Aug 1.
Kuwait Times
7 hours ago
- Kuwait Times
India launches e-visa for Kuwaitis: Embassy
KUWAIT: India has launched the e-visa program for Kuwaiti nationals starting from July 13, 2025, the Indian embassy in Kuwait announced. The e-visa covers five key categories: tourism, business, medical, AYUSH/Wellness (including yoga-related travel), and conference, Indian Ambassador to Kuwait Dr Adarsh Swaika said during a press conference Sunday. 'The launch of the e-visa facility for Kuwaiti nationals marks a significant step towards strengthening the bonds between our two countries by making travel to India simpler, faster, and more efficient,' Ambassador Swaika said, adding that it helps enhance people-to-people ties and boost travel between India and Kuwait. The Indian ambassador noted that the tourist e-visa is valid for up to five years, fulfilling a long-standing request from Kuwaiti travelers, saying that business visas are available for up to one year, while medical, medical attendant, and conference visas are granted for shorter, specific durations. 'The entire process is online — [there is] no need to visit the visa application centers," the ambassador said. "You can upload documents, pay fees, and complete the application from home. Biometrics will be done upon arrival at an Indian airport.' He added, 'Visa fees are affordable, with a five-year tourist visa costing just $80, and shorter-duration visas available from $40. Payments can be made via credit/debit card or online gateways.' The launch comes at a time of deepening bilateral relations between India and Kuwait, with growing tourism, trade, and investment flows. 'Direct flights connect nine cities in India, and the number of Kuwaiti tourists visiting India is rising steadily,' the Ambassador noted. He stated, 'In 2024, approximately 8,000–9,000 tourist visas were issued to Kuwaiti nationals. "E-visa holders may enter India through 32 designated airports and five seaports. For those who prefer, the traditional method of obtaining a Regular/Paper Visa from the Indian Consular Application Centers (ICAC) in Kuwait will continue to be available."
