logo
Gold price drops to USD 3,310 per ounce

Gold price drops to USD 3,310 per ounce

Arab Times10-06-2025
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)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Young Kuwaitis Gave Up Their Jobs For Food Trucks. Now 30% Are gone. Why?
Young Kuwaitis Gave Up Their Jobs For Food Trucks. Now 30% Are gone. Why?

Arab Times

time7 hours ago

  • Arab Times

Young Kuwaitis Gave Up Their Jobs For Food Trucks. Now 30% Are gone. Why?

KUWAIT CITY, Aug 4: Kuwait's once-thriving food truck scene is now battling for survival, as nearly 30% of food truck operators have been forced to shut down amid mounting obstacles, restrictive regulations, and dwindling revenues. In a series of candid interviews with Al-Seyassah / Arab Times, frustrated vendors painted a grim picture of a sector under siege — with many warning that mobile business projects are on the brink of extinction. At the heart of their complaints is a ban on operating in vital locations such as bustling markets, tourist hubs, and investment zones. Instead, vendors are pushed into remote areas with little footfall, leaving them unable to cover costs, let alone turn a profit. "I barely make 800 dinars a month," said Hamad Al-Anzi, who owns one such cart. "The biggest hurdle is the lack of space in active areas. Without customers, what's the point?" Others echoed the same concerns. Hamdan Al-Abdullah described the current climate as a 'death sentence' for the industry, blaming the seasonal absence of customers, Kuwait's lack of year-round tourism, and growing hostility from citizens who object to mobile carts in residential zones. 'Even official agencies won't let us park in front of their buildings,' he lamented. 'Look at the youth trying to run mobile printing carts—completely sidelined.' High Cost, Low Returns Operators say the cost of entry into the mobile food business is deceptively high, with many investing up to KD 30,000 for fully equipped vehicles, only to be told they cannot serve coffee alongside food — a regulation they find baffling. "We meet all health and environmental standards, but we're still not allowed into profitable areas," said Haitham Al-Mutairi. 'There are over 3,000 food trucks in Kuwait, but fewer than 300 usable parking spots—and most don't bring in enough to survive.' To make matters worse, restrictions on transferring cart ownership, coupled with limited licensing flexibility, have turned this small business venture into a bureaucratic nightmare for young Kuwaitis. Some have even frozen operations entirely due to mounting debt, after taking loans from national funding programs. One anonymous cart owner put it bluntly: 'We're drowning in rules. We took loans, we hustled—and now, we're being punished for trying to be independent. Out of 340 designated locations, only 40 are truly viable.' Khaled Al-Majdami added: 'We're trying to contribute to the economy and ease the burden on public employment. Yet, we're being shut out of the very areas where customers are.' The Ministry Responds In response, a source at the Ministry of Commerce and Industry pushed back against accusations of obstruction. Speaking to Al-Seyassah / Arab Times, the official insisted that licenses are still being granted and 300 designated parking spots have been made available. 'We're not against food trucks," the source said. "But applicants must be over 21, not employed by the government, and meet clear conditions.' The Ministry insists it is upholding environmental and public safety standards, and that projects must avoid disrupting traffic or inconveniencing residents. Complaints from citizens about noise and crowding in residential areas have forced inspectors to take action. Among the ministry's conditions: No dual activity — you can't brew coffee and prepare food. Adequate lighting and hygiene standards are mandatory. Vehicles must be less than 10 years old. Parking areas must have access to power, water, and proper drainage. 'It's not logical to expect a license without following legal steps,' the official added. 'This is a business—subject to supply and demand.' But for many young entrepreneurs hoping to make their mark, that logic rings hollow. 'We're not asking for handouts,' one vendor said. 'We're just asking for the freedom to park, serve, and survive.' Al Seyassah / Arab Times

Kuwait Orders Eviction of 22 Properties for Major Projects
Kuwait Orders Eviction of 22 Properties for Major Projects

Arab Times

time7 hours ago

  • Arab Times

Kuwait Orders Eviction of 22 Properties for Major Projects

KUWAIT CITY, Aug 4: The Ministry of Finance has begun implementing plans to reclaim and repurpose 22 expropriated properties currently occupied by public benefit associations, in line with government efforts to utilize state-owned land for public development projects. Working in coordination with the Ministry of Social Affairs, the Finance Ministry has set a deadline of September 30 to complete the eviction process. The affected properties will then be demolished, and the land will be handed over to the Kuwait Municipality for the implementation of approved development plans. To facilitate a smooth transition, the Ministry of Finance has requested the Ministry of Education to allocate unused buildings under its authority to temporarily house the displaced public benefit associations. These relocations will be carried out under temporary use permits to ensure continuity of services during the handover period. The Ministry clarified that this move follows the Cabinet's earlier approval to grant public benefit associations a one-year grace period for vacating expropriated properties, ending this September 30. Once the deadline passes, eviction, demolition, and site transfer procedures will proceed under regulations issued by the Ministry. The 22 properties in question, some over 40 years old, had been acquired through compensation paid to their former owners. However, demolition and redevelopment had been delayed as many of these properties were still being used by associations under temporary licenses, with nominal rents not exceeding KD 50 per month.

KFH launches salary transfer campaign
KFH launches salary transfer campaign

Kuwait Times

time11 hours ago

  • Kuwait Times

KFH launches salary transfer campaign

KUWAIT: Kuwait Finance House (KFH) has launched (You deserve the you transfer your salary) campaign, encouraging Kuwaiti customers to transfer their salaries and enjoy exclusive benefits, rewards, and competitive offers. The campaign, which runs until the end of the year, affirms KFH's ongoing commitment to providing the best advantages, exclusive offers, while adding value to its products and services, and keeping pace with customers' aspirations. Through this initiative, Kuwaiti customers, working in the public or private sector, will receive a cash gift of up to KD 500 when transferring their salary of KD 400 or more to Al-Rabeh account. They also have the chance to earn up to 100,000 KFH Rewards bonus points redeemable for purchases at popular brands. Additionally, customers can receive a KD 500 cash gift for referring new Kuwaiti customers, with a KD 100 for every successful referral they make and a maximum of five referrals per month. The campaign boasts the Emergency Cash service, allowing customers to withdraw a portion of their salaries in advance directly through the KFH app without fees. This service is subject to terms and conditions, based on salary tiers, and requires the customer's salary to have been consistently credited to the account for the preceding three months. Among the many other benefits is the opportunity to obtain a financing of up to KD 95,000 under KFH's housing and consumer financing offerings subject to terms and conditions. These benefits reflect KFH's commitment to providing the best services and products to customers across all segments. They also align with the Bank's continuous efforts to uphold the highest standards of excellence and quality, focus on customers and meet their aspirations. KFH remains committed to enhancing its suite of banking services and products in line with customers' needs, aiming to provide them with modern innovative solutions that drive their satisfaction. It is worth mentioning that KFH has achieved milestones in the quality of its services, capitalizing on the latest technologies and market demands in addition to tailoring its offerings to fit each segment of customers.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store