Gold reaches KD 50/gram in Kuwait as global market volatility continues

Gold prices in Kuwait have climbed in line with global market movements, with 24-karat gold reaching around KD 50 per gram (approximately $153) and 22-karat gold trading at about KD 45.8 per gram (around $140).

According to a report by Dar Al-Sabaek Company, silver prices in the local market declined to roughly KD 860 per kilogram.

Investors in Kuwait are closely watching international economic developments and geopolitical tensions, which continue to influence demand for precious metals.

In global trading, gold ended the week at approximately $5,018 per ounce after experiencing sharp fluctuations. Prices dropped below $5,050 during Friday’s session as the US Dollar Index strengthened and US Treasury yields rose, reducing gold’s appeal as a traditional safe-haven asset.

Demand for the US dollar increased amid concerns about global economic risks, including tensions surrounding the Strait of Hormuz.

Rising oil prices, which moved above $100 per barrel, also contributed to inflation concerns and prompted some investors to shift towards income-generating assets rather than gold.

Gold futures for April delivery fell 1.25 per cent, or $64, to close at $5,061 per ounce, posting a weekly loss of about 1.88 per cent. Meanwhile, silver futures dropped 4.44 per cent to around $81 per ounce, marking a weekly decline of approximately 3.46 per cent.

The US Dollar Index rose to 100.35, heading toward weekly gains of roughly 1.4 per cent.