9 TONS OF GOLD BOUGHT BY CITIZENS AND RESIDENTS IN 6 MONTHS

  • 23/08/2022

Kuwait City: The gold purchases by citizens and residents in Kuwait during the period from January to the end of June 2022 amounted to about 9 tons of bullion, coins and gold artifacts, which is the same as the value of purchases during the first half of 2021, but there are clear changes In the policy of acquisition, it increased in bullion and coins that are treated as a store of value only, while it decreased relatively in the works that are treated as “decoration and treasury”.


In detail, the data of the World Gold Council included that Kuwait's purchases during the first half of 2022 were relatively distributed by 23.3%, with a volume of 2.1 tons for the country's purchases of bullion and gold coins, while the artifacts accounted for 76.7% of the total gold purchases by 6.9 tons.

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 this into increases in the acquisition of bullion and gold coins, which reached its peak during the period from April to the end of June 2022, when it translated an increase of about 37.5%, and while the figures Show that the first half of this year will witness a decline in the acquisition of gold jewelry, the same variables played a role, after its purchases witness a decline in the first quarter of the year, it rose again in the second quarter.

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