Gold hits new record high of $3,148 per ounce amid escalating geopolitical tensions
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.
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