In 2023, about 19.6 tons of gold coins, bullion, and jewelry were bought by Kuwaiti citizens and residents. Assuming a 306 fils to dollar exchange rate, the total amount of these purchases came to approximately 1.23 billion dollars, or 376.3 million dinars. It's important to remember that in that specific year, the average cost per kilogram of gold was 19.2,000 dinars.
According to the World Gold Council's data, the buying of gold by individuals and residents rose by 3.7%, amounting to 700 kilograms, resulting in a total of 19.6 tons in 2023. This is an increase from the 18.9 tons recorded in 2022. The surge in gold bullion purchases, which are typically considered the primary means of saving and hedging, contributed significantly to this growth. Gold jewelry, on the other hand, falls under the category of "ornament and treasury."
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