KUWAIT CITY, April 1: The price of 24-carat gold in Kuwait reached approximately 31.450 Kuwaiti dinars per gram on Tuesday, driven by a record-breaking surge in global gold prices, which exceeded $3,148 per ounce for the first time in history. Bader Al-Razihan, Head of Strategic Planning and Follow-up at Dar Al-Sabek Company told Kuwait News Agency (KUNA) that the sharp increase was fueled by geopolitical tensions and trade uncertainties, particularly U.S. President Donald Trump’s announcement of new tariffs set to take effect Wednesday.
The tariffs, excluding only a small group of countries, along with Trump’s threats of military action against Iran, have raised market concerns, prompting Tehran to warn of closing the Strait of Hormuz. Al-Razihan explained that the upcoming imposition of additional tariffs on automobiles, expected Thursday, has intensified fears of a global trade war, further boosting gold’s status as a safe-haven asset and an inflation hedge.
Other factors contributing to the price surge include investor expectations of central banks cutting interest rates, sustained gold purchases by financial institutions, and increasing demand for gold-backed exchange-traded funds (ETFs). Leading financial institutions, including Goldman Sachs, Bank of America, and UBS, have revised their gold price forecasts to $3,300 per ounce by the end of the year, citing ongoing economic instability and trade disputes.
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