- Kuwait consumers buy 8.2 tons of gold despite record high prices
- Investment continued to drive the global market, with demand for gold bars and coins reaching 784 tons during the first six months of the year, one of the strongest first-half performances on record.
- China remained the world’s largest investment market, followed by India.
- Demand weakened across the Middle East, declining 19 percent, including falls of 8 percent in Saudi Arabia, 28 percent in the UAE and 14 percent in Egypt.
Consumer demand for gold in Kuwait reached 8.2 tons during the first half of 2026, driven by strong investment buying even as record-high prices weighed on jewelry purchases, according to the World Gold Council’s Gold Demand Trends report for the second quarter of 2026.
The report showed that Kuwaitis purchased 4 tons of gold jewelry and 4.2 tons of gold bars and coins during the six-month period, highlighting a growing preference for investment-grade gold.
During the second quarter, the Kuwaiti gold market showed a notable recovery compared with the previous quarter. Demand for gold jewelry rose 19 percent quarter-on-quarter to 2.2 tons, while purchases of gold bars and coins jumped 34 percent to 2.4 tons.
However, jewelry demand remained 19 percent lower than a year earlier as elevated global gold prices continued to affect consumer purchasing power. Many buyers opted for lighter jewelry pieces or shifted their spending toward gold bars and coins, which are increasingly viewed as a safer investment.
Demand for gold bars and coins remained particularly strong, recording a 25 percent year-on-year increase during the second quarter. The World Gold Council attributed the rise to continued investor interest in gold as a safe-haven asset amid ongoing geopolitical tensions and economic uncertainty.
Global Gold Demand Holds Firm
Globally, total gold demand, including over-the-counter (OTC) transactions, remained stable at 1,269 tons in the second quarter, while first-half demand edged up 2 percent to 2,522 tons, reaching a record value of $380 billion.
In contrast, global jewelry demand fell 17 percent year-on-year during the second quarter as high prices discouraged consumer purchases.
Demand also weakened across the Middle East, declining 19 percent, including falls of 8 percent in Saudi Arabia, 28 percent in the UAE and 14 percent in Egypt.
On the supply side, global gold production remained robust, with mine output reaching a record 966 tons in the second quarter and 1,867 tons during the first half of 2026.
The World Gold Council expects investment demand to remain the primary driver of the gold market through the remainder of the year, supported by geopolitical uncertainty, inflation concerns and continued central bank purchases, while elevated prices are likely to keep pressure on jewelry demand.
