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Wednesday, March 19, 2025
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Gold prices in Kuwait break $3,000 barrier as safe-haven demand soars

publish time

18/03/2025

publish time

18/03/2025

Gold prices in Kuwait break $3,000 barrier as safe-haven demand soars

KUWAIT CITY, March 18 : Gold prices in Kuwait surged to new highs on Tuesday as global spot gold surpassed the $3,000 mark for the second time in a week, driven by economic uncertainty linked to U.S. tariff policies. By 05:49 Kuwait time, spot gold edged up 0.2% to $3,008.08 an ounce, after peaking at a record $3,012.05 earlier in the session. U.S. gold futures climbed 0.4% to $3,017.60. Gold has gained over 14% since the beginning of the year as geopolitical instability fueled investor demand for safe-haven assets. Since U.S. President Donald Trump took office, the precious metal has hit record highs 14 times, largely due to escalating trade tensions. Analysts attribute the rise to a weaker dollar and market uncertainty surrounding U.S. tariffs, including 25% levies on steel and aluminum imposed in February. Meanwhile, the dollar index fell to a five-month low, making gold more attractive to foreign buyers. Other precious metals also saw gains, with silver rising 0.2% to $33.89 an ounce, platinum up 0.5% to $1,004.65, and palladium climbing 0.5% to $969.60. (KUNA)