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.
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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.
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