Kuwait Gold Prices Slide Amid Rising Oil Costs and Rate Hike Fears

Kuwait's gold prices declined on Monday due to higher oil prices linked to uncertainty over the Strait of Hormuz, which strengthened expectations that the US Federal Reserve could raise interest rates further.

The local market reflected this decline, with 24-karat gold trading at around KD41.81 per gram, down from about KD42.55 on Friday, a drop of approximately 74 fils per gram or 1.7 percent.

This trend was mirrored internationally, with spot gold falling more than 2 percent in early trading to its lowest level since early August, reaching $4,171.85 an ounce at 0627 GMT, down 2.7 percent.