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Gold jewelry and bullion market cites increase in sales

Higher gold prices seen in early 2019

Gold items are seen on display at a shop

KUWAIT CITY, Dec 9: The gold jewelry and bullion market in Kuwait has witnessed an increase in sales, which is better than in previous years, reports Al-Anba daily quoting sources.

Sources said recovery of the market began at the beginning of November 2018 was attributed to decline in prices, expectations of higher gold prices in early 2019, and increase in weights of the gold stamped by the Ministry of Commerce and Industry, where weights rose from 1.5 and 2 tons to 4, 6 and 7 tons per month, especially by the end of 2018.

They also attributed increase in sales to the fact that some people buy gold as a safe investment and also as an ornament of choice for women compared to accessories and other gift. Because the local market is characterized by strict control from the concerned authorities, there have been no cases of fraud in the local business, but the daily said two cases of fraud were discovered in some of the works purchased from abroad.

The daily added, one of the bracelets was painted in goldlike color and in another case an item was purchased from abroad as gold and stamped outside Kuwait with the number 750, known as 18 carat weighing 26 grams. Upon examination, it was found to be made of iron. Traders are therefore advised to buy gold from the Kuwaiti market because it is safe under strict government control.

The daily added, “The price of gold began to rise from the beginning of November after the longest period of decline from the end of April until mid-October, and the value of an ounce since the beginning of the year reached $1,360 and fell to the level of $1,160 during the previous period because of the strength of the dollar, where the dollar index against European currencies reached a 16-year high,” said one of the gold traders.

At the local level, the market is currently witnessing a remarkable recovery in the level of bullion or gold jewelry compared to the previous year, the beginning of this year saw the domestic market increase in sales which is considered the best compared to previous years, he added. He attributed the demand for gold to factors such as the decline in the price of gold and the lack of alternative investments for middle- income people or small investors and facilities provided by the Ministry of Commerce and Industry to stamp gold works, and some citizens accept to buy gold shops to invest through the sale and purchase of gold.

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