Kuwaitis and expats purchase nine tons of ‘gold’ in six months

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KUWAIT CITY, Aug 23: Gold purchases by citizens and residents in Kuwait from January to the end of June 2022 was about 9 tons of bullion, coins and ready-made gold works, which is the same value as purchases during the first half of 2021, but there are clear changes in the policy acquisition as it increased in bullion and coins that are treated investment only, while it relatively decreased in purchase jewelry wear.

The World Gold Council said Kuwait’s purchases during the first half of 2022 were relatively distributed by 23.3% or 2.1 tons for the country’s purchases of bullion and gold coins, while the ready-made jewelry accounted for 76.7% of the total gold purchases or 6.9 tons.

This is in view of the global geopolitical factors in addition to the economic variables, on top of which comes the high inflation rates and the subsequent successive increases in interest rates by the US Federal Reserve, which increased the attractiveness of the dollar and the tendency towards saving. However, the gold market in Kuwait translated this into increases in the acquisition of bullion and gold coins, which reached its peak during from April until the end of June 2022.

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