ShareBy Majd Othman
KUWAIT: In recent days, Kuwait’s gold market has seen increased activity among buyers due to a slight decrease in gold prices. A gram of 21-carat gold was priced at approximately KD 15.56, with a gold guinea coin reaching KD 124.45 as of Wednesday. Kuwait Times observed the buying trend among customers and interviewed them about their interest in purchasing gold in light of the global economic situation. Mohammad Hussain, a single individual, shared that his family began buying gold occasionally since the pandemic, viewing gold as a secure way to save money.
He emphasized that despite not having his own family yet, this strategy helped him navigate financially challenging days, particularly during the post-pandemic recovery period when he sold some of his gold savings at higher prices. Abrar Malek mentioned that due to her own economic situation, she reduced her gold purchases in the post-pandemic period. The global rise in prices has increased her spending on essential items.
However, she recognizes the significance of taking advantage of the gold price drop to enhance her family’s financial security. Hajar Abdullah, a young woman, expressed a different perspective. She doesn’t consider buying gold as a necessary means of saving money. Instead, she relies on her freelance small business, which generates sufficient profits for her savings. Hajar believes that the world is evolving with new ways to achieve financial security and that depending solely on purchasing gold could be a risky move toward economic stability.
Hajar’s mother disagreed, asserting that despite global developments, gold remains the safest option for families and individuals to save and protect themselves from financial fluctuations. She noted that many people looking for financial security have recently turned to investing in gold, whether through online platforms or traditional methods. In light of the uncertain political and economic situations in certain countries, many residents are seeking to secure their financial future by investing in gold.
Additionally, some gold shop owners informed Kuwait Times that customers have been focusing on purchasing pure gold items, indicating a growing trend toward investment in gold. A recent report by the World Bank revised its forecast for Kuwait’s GDP growth in 2023, lowering it to 0.8 percent compared to the previous estimate of 1.3 percent growth in June. The World Bank also anticipated that real GDP per capita would contract by -0.1 percent in 2023, but return to positive growth of 1.7 percent in 2024.
