Latest news with #DarAl-Sabaek
Arab Times
4 days ago
- Business
- Arab Times
Gold price drops to USD 3,310 per ounce
KUWAIT CITY, June 10: Gold prices declined to USD 3,310 per ounce last week affected by strong American labor market data, specialized economic report showed. A report by Kuwaiti Dar Al-Sabaek mentioned that the week started with a high of USD 3,403 an ounce, but gradually decreased due to lack of incentives profit making. American jobs report for the month of May included the addition of 139,00 job, surpassing expectations of 125,000, with unemployment rates remaining at 4.2 percent, supporting strength of the dollar and increasing bond yields. The report stated that trade talks between the United States and China played a role in limiting gold's gains after the two presidents held a phone call that helped calm tensions, followed by the announcement of an upcoming trade meeting in the British capital, London. It indicated that geopolitical tensions in other regions, such as the Russian-Ukrainian crisis and escalating events in the Middle East remain supportive factors for gold prices, in addition to the continuous intensified purchases the precious metal by central banks around the world, in a strategic shift away from dollar-denominated assets. The report noted that global markets are awaiting the release of US inflation data this week, starting with the Consumer Price Index on Wednesday, followed by the Producer Price Index on Thursday, followed by the University of Michigan's Consumer Confidence Survey on Friday. It indicated that this kind of data is pivotal in determining the path of monetary policy by the US Federal Reserve ahead of its meeting scheduled for the 17th and 18th of this month. Locally, the price of 24-karat gold reached KD 32.750 per gram (approx. USD 107), while the price of the 22-karat gram reached KD 30 (approx. USD 98) and the silver kilogram KD 407 (approx. USD 1,329). (KUNA)
Arab Times
01-04-2025
- Business
- Arab Times
Gold hits new record high of $3,148 per ounce amid escalating geopolitical tensions
KUWAIT CITY, April 1: Gold prices reached a historic high on Tuesday, surpassing USD 3,148 per ounce for the first time, according to a senior official at Dar Al-Sabaek Company. The surge in prices comes as growing global geopolitical tensions and trade concerns have driven investor demand for gold as a safe haven. Al-Razihan, a spokesperson for Dar Al-Sabaek, told KUNA that the sharp rise in gold prices was primarily driven by US President Donald Trump's announcement regarding new tariffs, set to take effect on Wednesday. These tariffs will affect all countries except a select group of 10 to 15 nations. Additionally, Trump's threat to launch major military actions against Iran — leading Tehran to declare it might close the Strait of Hormuz—further escalated market uncertainties, boosting the appeal of gold. The tariffs, followed by additional duties on cars next Thursday, have heightened fears of a global trade war, increasing gold's attractiveness as a safe investment and hedge against inflation. Al-Razihan added that other factors, such as investor speculation on central bank interest rate cuts, continued purchases of gold by global central banks, and the growing demand for gold-backed exchange-traded funds (ETFs), have also contributed to the rise in prices. He further stated that gold prices are expected to continue their upward trajectory due to the ongoing economic uncertainty and trade disputes. Major global financial institutions, including Goldman Sachs, Bank of America, and UBS, have raised their gold price forecasts to USD 3,300 per ounce by the end of this year. Locally, the price of a gram of 24-karat gold reached approximately 31,450 Kuwaiti dinars today, reflecting the global surge in gold prices.
