KUWAIT CITY, Mar 20: Although coronavirus caused a jump in gold prices to its highest level in 7 years the Cabinet’s decision to close wedding halls and hotels led to a decrease in sales in gold which mainly depend on these social occasions.
A number of shop owners indicated that considering weak global economic growth, decline in oil prices and the crash in stock market, gold remains as a safe haven which is not affected negatively, and is the only survivor in current economic, social and political crises.
They stated that “Corona” proved to the world that despite everything has been going negative gold stayed positive to create investment opportunities and keep the gold luster shining whenever such crisis causes low economic growth rates.
The sources said that the jewelers indicated that jubilation did not take place after the wedding halls were closed which paralyzed the sale of gold indicating that gold traders rely heavily on bridal requirement. As even relatives also buy gold sets to gift to the bride as a gift to express their happiness and blessing for this event.
They added that with citizens who were reluctant to travel for fear of contracting the virus could lead to their craving for buying gold because they did not spend their money in tourism.
They pointed out that their business was least affected compared to other commercial businesses and that the percentage of sales was not affected until after the decision was issued. People prefer to buy gold instead of storing their money in banks as during economic crisis gold is the only metal that does not collapse amid wars and crises .
The jewelers called on people to buy gold and not miss this opportunity considering it as a wonderful opportunity to invest where the price continue to rise during emergency crisis.