Kuwait City: Gold prices in Kuwait have recorded a noticeable decline, offering relief to buyers. According to data from the Ministry of Commerce and Industry, the price of 24-carat gold has dropped to KD 49.642 per gram, while 22-carat gold is now priced at KD 45.547 per gram.
This marks one of the sharpest short-term declines seen this year. After weeks of elevated prices, the drop has created a favourable opportunity for buyers, including expatriates planning to purchase jewellery.
Reports indicate that gold prices have also fallen in global markets, with international rates declining by around 3.8 percent, wiping out a significant portion of this year’s gains.
Market analysts say the decline is linked to ongoing tensions in the Middle East, fluctuations in oil prices, and expectations that interest rates may not be reduced in the near future. Additionally, investors selling gold to offset losses in other markets have contributed to the downward trend.
Gold prices have now fallen for eight consecutive days, marking one of the steepest weekly declines recorded in recent decades.
