Gold prices reached record levels, hitting $3,022 per ounce at the end of last week's trading, amid ongoing global economic and geopolitical tensions and declining expectations regarding U.S. interest rates.  

A specialized report by Kuwait's *Dar Al Sabaek* (The Bullion House), issued on Sunday, stated that after gold touched a historic high of $3,057 per ounce mid-week, it closed slightly lower due to profit-taking by investors who capitalized on the record highs achieved by the precious metal.  

The report added that despite this slight decline, the precious metal recorded gains for the third consecutive week, rising by 0.7 percent since the beginning of last week, supported by several factors, most notably expectations of a U.S. interest rate cut in the near future.  

It explained that the U.S. Federal Reserve (the central bank) kept interest rates unchanged during its latest meeting but hinted at the possibility of two rate cuts this year, which enhanced gold's appeal as a safe haven amid these economic conditions.  

The report noted that geopolitical unrest worldwide, particularly the ongoing tensions in the Gaza Strip and missile strikes from Yemen on U.S. military vessels in the Red Sea, contributed to increased demand for gold as a safe haven. Meanwhile, the rise in the U.S. dollar index to 104.06 points added additional pressure on gold prices by increasing costs for foreign investors.  

It highlighted that gold reached historic record levels last week, reflecting widespread concerns about the future of the global economy and increasing political risks, which prompted investors to intensify buying and hedge risks by investing in the yellow metal.  

The report stated that the trade policies adopted by U.S. President Donald Trump continue to cast a shadow over global markets, particularly regarding the imposition of tariffs on imports as part of the "America First" policy, which has fueled global trade tensions, causing disruptions in financial markets and pushing investors toward gold as a safe option to protect their investment portfolios from the repercussions of these policies.  

The report predicted that geopolitical tensions would remain a key factor supporting gold demand in the short term, given the ongoing military escalation in Gaza, the continuing crisis in Ukraine, and tensions in the Red Sea region, all of which contribute to heightened regional instability.  

It indicated that future expectations for gold prices suggest the possibility of reaching $3,500 per ounce by the end of this year if accommodative monetary policies in the U.S. continue and the likelihood of an economic recession increases.  

The report added that global markets are awaiting the release of important economic data this week, which could have a direct impact on gold prices and the U.S. dollar. These include statements from U.S. Federal Reserve officials regarding monetary policy, personal income and spending data, and the Personal Consumption Expenditures (PCE) price index.  

Regarding the local market, the *Dar Al Sabaek* report stated that 24-karat gold prices reached 30.15 dinars per gram (approximately $92), while 22-karat gold prices stood at 27.54 dinars per gram (approximately $84). Silver prices remained stable at 368 dinars per kilogram (approximately $1,202).  

An *ounce* is one of the units of mass measurement and is used in several different measurement systems. It is also called an *ounce* and equals 28.349 grams, while as a unit of measurement for precious metals, it equals 31.103 grams.