KUWAIT CITY, March 2: Gold prices in Kuwait showed strong local demand amid market volatility, with 24-carat gold reaching about KD 53.2 (around $162) per gram, 22-carat gold at about KD 48.7 (around $149), and silver stable at KD 1,013 per kilogram (around $3,323). According to a report by Dar Al- Sabaek Kuwait, gold continues to maintain stability above the $5,000 per ounce level, an important psychological and technical barrier supporting the upward trend. Trading above $5,250 in recent sessions has reinforced a positive shortterm and medium-term outlook, with the next resistance around $5,300. Breaking this level could pave the way for higher prices in the coming period.

On the global front, gold opened trading on Monday at $5,377 per ounce amid continued volatility and uncertainty in international markets, driven by rising geopolitical tensions in the Middle East and developments related to the U.S. stance on Iran. These factors have strengthened gold’s appeal as a safe-haven asset at the start of the week. The report explained that investors are turning to safe-haven assets amid uncertainty over U.S. trade policies, future interest rates, and ongoing discussions of U.S. options toward Iran, ranging from diplomatic measures to limited action, which keeps hedging demand elevated. Relatively high U.S. inflation data have reduced the likelihood of a rapid interest rate cut, yet markets continue to weigh the strength of the U.S. economy against persistent geopolitical risks, providing structural support for gold prices.

Ongoing Central Bank purchases of gold, as part of reserve diversification policies and efforts to reduce reliance on the dollar, constitute a long-term supportive factor, particularly amid rising global sovereign debt and volatility in stock and bond markets. The recent decline in the U.S. dollar index and the limited movement in bond yields have increased gold’s appeal as a hedge against inflation and currency fluctuations, helping to maintain prices at relatively high levels. The report noted that ongoing geopolitical risks and financial market volatility are prompting investors to shift assets toward precious metals as part of long-term risk management, especially amid challenges related to global growth, supply chains, and energy. Continued military and political tensions in several regions, along with strong investment demand from institutions and central banks, are expected to keep gold prices elevated in the coming period. It is worth highlighting that an ounce, used as a unit of mass for precious metals, equals 31.103 grams, while in general measurement systems it equals 28.349 grams. (KUNA)