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Kuwait’s gold purchases dropped by approximately 1.4 tons in the first six months of 2024, which represents a 14.58% drop as compared to the same period in 2023.
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Citizens’ and residents’ purchases of bullion decreased by about 400 kilograms, or 16.6%, to reach two tons, compared to 2.4 tons in the first half of 2023.
The demand for gold among citizens and residents in Kuwait has diminished, with the country’s gold purchases dropping by approximately 1.4 tons in the first six months of this year. This represents a 14.58% decrease, bringing the total to 8.2 tons compared to 9.6 tons during the same period in 2023, according to Al Anba newspaper.
The data from the World Gold Council revealed that citizens and residents acquired 8.2 tons of gold from January to the end of June. About 76% of these purchases were jewelry, totaling 6.2 tons, while bullion accounted for 24%, amounting to two tons.
On an annual basis, citizens’ and residents’ purchases of jewelry decreased by one ton, or 13.8%, totaling 6.2 tons in the first half of 2024, compared to 7.2 tons in the same period of 2023.
Citizens’ and residents’ purchases of bullion decreased by about 400 kilograms, or 16.6%, to reach two tons, compared to 2.4 tons in the first half of 2023.
The decline in purchases by citizens and residents was particularly evident during the second quarter of the current year, with jewelry decreasing to 3.1 tons, compared to 4.2 tons in the second quarter of 2023. Bullion also decreased to one ton in the second quarter of the current year, compared to 1.3 tons in the second quarter of 2023.
Regarding quarterly indicators, total gold purchases in the first quarter of 2023 amounted to about 4.1 tons, including three tons of jewelry and 1.1 tons of bullion. In the first quarter of 2024, purchases remained the same at 4.1 tons, with about 3.1 tons of jewelry and 1 ton of bullion.
In the second quarter of 2023, gold purchases amounted to about 5.5 tons, including 4.2 tons of jewelry and 1.3 tons of bullion. In the second quarter of 2024, gold purchases decreased to 4.1 tons, including 3.1 tons of jewelry and one ton of bullion.
