Bader Al-Razeen, Head of Strategic Planning at Dar Al Sabaek, announced Tuesday that gold prices reached an unprecedented all-time high, breaking through $3,148 per ounce for the first time in history. The surge comes as investors increasingly seek safe-haven assets amid escalating global geopolitical and trade uncertainties.

Key Drivers Behind the Rally

1. U.S. Trade Tariffs & Iran Tensions:

   • President Donald Trump's announcement of new tariffs (effective Wednesday) targeting all but 10-15 nations

   • Additional auto tariffs scheduled for Thursday

   • Threats of military action against Iran, with Tehran vowing to close the Strait of Hormuz

2. Central Bank Policies & Investor Sentiment:

   • Market bets on imminent interest rate cuts by major central banks

   • Sustained gold purchases by global central banks

   • Rising demand for gold-backed ETFs (exchange-traded funds)

3. Institutional Forecasts:

   • Goldman Sachs, Bank of America, and UBS revised year-end gold price targets to $3,300/oz

Local Market Impact

• 24K gold reached 31.450 KWD per gram in Kuwait, tracking global price surges.

Expert Insight

"Gold is poised for further gains amid economic uncertainty and prolonged trade disputes," said Al-Razeen. "Financial institutions now see $3,300/oz as achievable by year-end, reinforcing gold's role as the ultimate hedge against inflation and geopolitical risk."