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‘Omicron’ increases gold bullion demand in Kuwait

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KUWAIT CITY, Dec 12: In the wake of the emergence of the new COVID- 19 mutant “Omicron”, gold purchases in Kuwait witnessed a steady increase, as the new mutant seemed to change the mood of consumers, raising the demand for gold bullion in medium sizes, reports Al-Anba daily. According to the gold and precious metals expert Rajab Hamed, it is usual, with the signs of any new crisis, that citizens and residents resort to buying gold in order to hedge against the effects of the expected crisis and to preserve the value of the liquidity available to them in a safe haven.

The announcement of the emergence of Omicron variant angered citizens and residents, and their purchasing behavior during the past few days turned towards bullion at the expense of gold jewelry, such that 60 percent of the sales volume was for bullion and 40 percent for jewelry.

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