Kuwait Records Highest Sales Of Gold

Within the first nine months of this year, Kuwaitis and expats have invested approximately one billion dollars in gold purchases. In this period, approximately 14.5 tons of the precious metal were acquired, with an average price per ounce of $1,941.95 during this time period. Bullion and currencies are seeing a significant increase in purchases, with gold seeing a rise of about 300 kilograms from July to September 2023.

World Gold Council data shows Kuwait's overall gold purchases experienced a modest increase of about 300 kilograms from January to September 2023. A total of 14.5 tons of gold, including jewelry, bullion, and coins, were sold in 2023, exceeding the 14.2 tons sold in 2022.

The volume of actual gold sales in Kuwait grew by 600 kilograms, primarily in bullion, while jewelry sales fell by about 300 kilograms. There was a net increase of 300 kilograms as a result. In spite of a slight decrease in jewelry purchases, bullion and coin purchases increased over the first nine months of this year.

From January to September 2023, jewelry purchases totaled approximately 10.6 tons, a 300-kilogram decrease from the 10.9 tons sold during the same period in 2022. During the first three quarters of 2023, Kuwait acquired 600 kilograms of gold from bullion and gold coins, representing an 18.2% increase in overall gold acquisitions. Over the period from January to September 2023, the bullion size increased from 3.3 tons to about 3.9 tons.

According to quarterly trends, Kuwait's gold purchases reached 5.5 tons from April to June 2023, followed by 4.9 tons from July to September and 4.1 tons from January to March 2023.

Further breaking down the data, the crafts sector recorded 4.2 tons of purchases in the second quarter of 2023, followed by 3.4 tons in the third quarter, and 3 tons in the first quarter.

The first quarter of the year saw bullion purchases of 1.1 tons, followed by 1.3 tons in the second quarter, and 1.5 tons in the third quarter.

According to quarterly comparisons on an annual basis, the first quarter of 2023 saw 4.1 tons of jewelry and bullion purchases, the same volume as the same period in 2022. During the second quarter of 2023, jewelry sales increased to 5.5 tons from 4.9 tons in 2022, while in the third quarter of 2023, jewelry and bullion sales dropped slightly from 5.2 tons in 2022 to 4.9 tons.

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