In 3 Months, Kuwaitis And Expats Bought 4 Tons Of Gold

The first quarter of 2024 witnessed a dip in gold purchases by citizens and residents of Kuwait, primarily driven by a decrease in bullion acquisitions. Data from the World Gold Council's quarterly report indicates a 2.44% decline in purchases of the precious metal, amounting to a reduction of 100 kilograms compared to the same period in the previous year. However, purchases of gold jewelry and ornaments remained steady.

Throughout January to March 2024, Kuwaiti consumers purchased a total of 4 tons of jewelry, ornaments, and bullion, down from 4.1 tons recorded during the same period in 2023. While purchases of bullion remained stable at 3 tons, bullion acquisitions decreased by 10%, totaling only 1 ton compared to 1.1 tons in the corresponding period of 2023.

The World Gold Council's report also shed light on a broader trend in the Middle East region, indicating a 15% decline in demand for gold bullion and coins, amounting to 25.6 tons in the first quarter of 2024 compared to the previous year. Despite this downturn, demand in the region remained 35% above the 5-year average.

In contrast, investment demand for gold bullion and coins in Turkey surged by 50% quarterly, reaching 44 tons in Q1 2024. However, this marked a 12% annual decline compared to the preceding year. Saudi Arabia witnessed a 5% annual increase in gold demand, reaching 3.8 tons in the first quarter of 2024, with a slight quarterly uptick compared to Q4 2023. Conversely, the Emirates experienced a 10% decrease in demand for bullion and coins, attributed to investor caution amidst high gold prices, despite continued interest in safe-haven assets.

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