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

KFH launches salary transfer campaign
KFH launches salary transfer campaign

Kuwait Times

time22 minutes 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.

Brazil vows to fight Trump tariff ‘injustice'
Brazil vows to fight Trump tariff ‘injustice'

Kuwait Times

time24 minutes ago

  • Kuwait Times

Brazil vows to fight Trump tariff ‘injustice'

BRASÍLIA: Brazil vowed to combat US President Donald Trump's tariffs on its exports, saying it intends to lodge appeals if last-ditch negotiations fail. Finance Minister Fernando Haddad said the tariffs announced Wednesday were 'more favorable' than expected, with several key export products exempted. Still, there 'is a lot of injustice in the measures announced yesterday. Corrections need to be made,' he told reporters. Citing a 'witch hunt' against his far-right ally Jair Bolsonaro — Brazil's former president on trial for allegedly plotting a coup — Trump on Wednesday signed an executive order adding a 40 percent tariff on Brazilian products, bringing total trade duties to 50 percent. The levies affect coffee and meat, two products of which Brazil is the world's top exporter. The order, which takes effect on August 6, listed exemptions for nearly 700 other products including key exports such as planes, orange juice and pulp, Brazil nuts, and some iron, steel and aluminum products. Leftist President Luiz Inacio Lula da Silva — the man Bolsonaro is accused of having sought to topple — has denounced the tariffs as an attack on the 'sovereignty' of South America's largest economy. 'The negotiation is not over; it starts today,' Vice President Geraldo Alckmin, tapped to oversee talks with Washington, told TV Globo. Alckmin said the new tariff will apply to nearly 36 percent of Brazil's exports to the United States, equal to some $14.5 billion last year. Haddad said he would speak with his American counterpart, Treasury Secretary Scott Bessent, and 'there will be a cycle of negotiations.' He did not give a date. 'We are starting from a point that is more favorable than one could have imagined, but still far from the finish line,' the minister said. If negotiations fail, Haddad said Brasilia would 'file appeals with the appropriate authorities, both in the United States and with international bodies.' Trump's Brazil tariff is among the highest imposed on US trading partners. Unlike with other countries, the measures against Brazil have been framed in openly political terms, sweeping aside centuries-old trade ties and a surplus that Brasilia put at $284 million last year. 'These are harsh measures that will have a real impact on important sectors of the Brazilian economy,' Reginaldo Nogueira, an economist with Brazil's IBMEC business school, told AFP. 'The exemptions help mitigate some of the pressure on Brazil but primarily protect strategic goods for the American economy,' he added. — AFP Haddad said the Brazilian government would put in place protection measures for the most affected companies, and noted that 'nothing that was decided yesterday cannot be reviewed.' Trump's order was based on the Brazilian government's 'politically motivated persecution, intimidation, harassment, censorship, and prosecution of (Bolsonaro) and thousands of his supporters,' according to the White House. It also cited Brazil's 'unusual and extraordinary policies and actions harming US companies, the free speech rights of US persons, US foreign policy, and the US economy,' singling out Supreme Court Justice Alexandre de Moraes. Moraes is the judge presiding over Bolsonaro's coup trial and has clashed repeatedly with the far-right in Brazil, as well as with tech titan Elon Musk, over the spread of online misinformation. The US Treasury announced financial sanctions on Moraes Wednesday, saying he had 'taken it upon himself to be judge and jury in an unlawful witch hunt against US and Brazilian citizens and companies.' A Supreme Court source told AFP that Moraes 'does not have assets in the United States' where the sanctions would have frozen them. – AFP

Nod to clear debts of batch 2 Kuwaitis
Nod to clear debts of batch 2 Kuwaitis

Arab Times

time32 minutes ago

  • Arab Times

Nod to clear debts of batch 2 Kuwaitis

KUWAIT CITY, Aug 4: Acting Undersecretary of the Ministry of Social Affairs and Chairman of the Debtors Committee Dr. Khaled Al-Ajmi has announced the approval to settle the debts of the second batch of citizens, whose debts range between KD5,000 and KD10,000. In a press statement Monday, Al- Ajmi stated that the total number of indebted citizens reached 767; stressing they met the conditions and criteria approved for the third national campaign. He said the Supreme Committee, in coordination with the participating entities, submitted the names of the beneficiaries to the Enforcement General Department at the Ministry of Justice, in preparation for completing the settlement procedures according to the legal and administrative procedures. He asserted that this is an advanced stage of the campaign, which is based on a humanitarian vision for alleviating the financial burdens of struggling groups. He confirmed that the technical and legal committees emanating from the Supreme Committee; which includes representatives from the Ministry of Interior, Ministry of Justice (Civil Execution Department), Ministry of Islamic Affairs, Zakat House, Secretariat General of Awqaf, and Ministry of Social Affairs; conducted a thorough review of the applicants' files and verified that they met the basic conditions. These conditions include that the beneficiary be a Kuwaiti citizen, that they have not benefited from previous campaigns in 2023 and 2024, that the debt is due for enforcement, and that they have an existing enforcement file with the Ministry of Justice. Al-Ajmi disclosed that the committee has started reviewing the files of the third batch of debtors -- whose debts do not exceed KD 15,000 -- in preparation for moving to new phases that cover all eligible cases according to available resources. He added that the total number of beneficiaries from the first and second batches reached 1,178 – a manifestation of the extent of the work accomplished and the institutional commitment to deliver aid to those who deserve it, in a manner that achieves social justice. He said the committee has been keen to facilitate communication with beneficiaries through the 'Sahel' application, which allows inquiries and monitoring of the status of applications with complete transparency. He explained that debtors whose debts have been approved for repayment will receive an official notification via the application indicating the completion of repayment. He asserted that the third national campaign to pay debts embodies the State of Kuwait's commitment to the values of compassion, responsibility and solidarity

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