KUWAIT CITY, May 1: During the first quarter of 2024, the purchases of gold by citizens and residents of Kuwait experienced a decline, primarily fueled by a decrease in acquisitions of bullion. According to quarterly data from the World Gold Council, purchases of the precious metal dropped by approximately 2.44%, equating to a reduction of 100 kilograms compared to the same period last year. However, purchases of gold jewelry and ornaments remained consistent.

Specifically, data revealed that citizens and residents of Kuwait bought a total of 4 tons of jewelry, ornaments, and bullion during the period from January to March 2024, down from 4.1 tons recorded during the same period in 2023.

While purchases of bullion stabilized at 3 tons, the acquisition of bullion decreased by 10% during the first quarter of 2024, amounting to only 1 ton compared to 1.1 tons in the corresponding period of 2023.

The World Gold Council also highlighted a broader trend in the Middle East region, noting a 15% decrease in demand for gold bullion and coins, totaling 25.6 tons in the first quarter of 2024 compared to the same period last year. Despite this decline, demand in the region remained above the 5-year average by 35%.

Meanwhile, investment demand for gold bullion and coins in Turkey surged by 50% every quarter, reaching 44 tons in the first quarter of 2024. However, demand witnessed a 12% annual decline compared to the previous year.

In Saudi Arabia, gold demand rose by 5% annually to 3.8 tons in the first quarter of 2024, with a slight quarterly increase compared to the last quarter of 2023. Conversely, the Emirates experienced a 10% decline in demand for bullion and coins, attributed to investor caution amidst high gold prices, despite ongoing interest in safe-haven assets.