Posted By Jasmine Posted On

Kuwaitis & Expats purchased 4 tons of gold in the first quarter

Kuwait City, Kuwait: Data from the World Gold Council (WGC) indicates a slight decrease in Kuwait’s overall gold demand during the first quarter of 2024. This decrease was primarily driven by a decline in bullion purchases, while jewelry and ornament sales remained stable.

Stay updated on Kuwait’s latest news and job openings by following our WhatsApp channel! https://whatsapp.com/channel/0029VaCkXo25q08jnKrRwo27

In Kuwait, overall gold demand experienced a slight decline of 2.44% in Q1 2024 compared to the same period last year. This translates to a reduction of roughly 100 kilograms. Interestingly, this dip was driven by a 10% decrease in bullion purchases, which reached 1 ton in Q1 2024. However, there was a bright spot – purchases of gold jewelry and ornaments remained steady throughout the quarter.

The decline in Kuwait’s gold demand aligns with a broader trend observed across the Middle East region. The WGC reports a 15% decrease in demand for gold bullion and coins within the region during the first quarter.

Across the Middle East, gold demand exhibited a mixed picture. Turkey bucked the trend with a significant surge in investment demand for gold, reaching 44 tons in Q1 2024, reflecting a 50% quarterly increase. Saudi Arabia demonstrated stability, with annual demand rising by 5% to 3.8 tons in the same period. Conversely, the United Arab Emirates (UAE) witnessed a 10% decline in bullion and coin demand, attributed to investor caution amidst elevated gold prices.

This report suggests a nuanced picture of gold demand within the Middle East. While Kuwait and the broader region experienced a softening in bullion purchases, other markets like Turkey demonstrated strong investor appetite. The continued stability in Kuwait’s jewelry sales highlights the enduring cultural significance of gold within the country.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *