Gold price nears KD 30 in Kuwait

23/02/2025

KUWAIT CITY, Feb 23: Gold prices continued their upward trajectory last week, closing at $2,935 per ounce amid rising geopolitical tensions and shifts in U.S. trade policy, according to a report by Kuwaiti company Dar Al-Sabik released on Sunday. The report noted that gold recorded its eighth consecutive weekly gain, rising 1.8% from the previous week and surpassing a market value of $20 trillion. Prices fluctuated between $2,930 and $2,954 per ounce, driven by concerns over inflation, global conflicts, and U.S. President Donald Trump’s latest tariff measures

Trade disputes—particularly those affecting automobiles, pharmaceuticals, and semiconductor imports— have fueled economic uncertainty, prompting investors to seek gold as a safe-haven asset. In the local market, 24-carat gold was priced at KD 29.45 per gram (approximately $90), while 22-carat gold stood at KD 26.80 per gram (around $82). Silver prices remained steady at KD 362 per kilogram ($1,183). Gold’s ongoing rally, the longest since 2000, underscores its status as a key hedge against inflation and economic uncertainty, with investors continuing to strengthen their positions in the metal. - KUNA