IN SIX MONTHS, KUWAITIS AND EXPATS PURCHASE NINE TONNES OF GOLD

  • 24/08/2022

Kuwait City: From January to the end of June 2022, citizens and residents in Kuwait purchased approximately 9 tones 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 policy acquisition as it increased in bullion and coins that are treated as investment only, while it decreased in purchase jewelry wear.


According to the World Gold Council, Kuwait's purchases in the first half of 2022 were relatively distributed by 23.3% or 2.1 tones for bullion and gold coins, while ready-made jewelry accounted for 76.7% of total gold purchases or 6.9 tones. 

This is due to global geopolitical factors as well as economic variables, including high inflation rates and subsequent successive increases in interest rates by the US Federal Reserve, which increased the attractiveness of the dollar and the tendency to save. However, the gold market in Kuwait translated this into increased purchases of bullion and gold coins, which peaked between April and the end of June 2022.

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