Data from the World Gold Council revealed that citizens and residents in Kuwait bought 177 tons of gold during the period from 2010 until the end of last March, including 144.2 tons of goldsmiths, making up about 81% of purchases, in addition to 32.5 tons of coins, coins and bullion, making up 19 % of the total.
The data showed that the year 2014 recorded the highest level of gold purchases in Kuwait at 17.8 tons, while the per capita share of gold in Kuwait declined from its highest levels recorded in 2014 at 4.4 grams by about 20% to reach recently to 3.5 grams in 2021.
The figures showed that Kuwait bought, during the period from January to the end of last March, about 4.1 tons of gold, including 3.1 tons of handicrafts, in addition to 1 ton of gold coins and bars. The figures showed that Kuwaiti purchases during the first quarter of this year witnessed a decline of about 9%. The equivalent of about 400 kilograms compared to the first quarter of 2021, in conjunction with record increases in the prices of the yellow metal.
The volume of gold purchases in the country during the past year (2021) reached 16.5 tons, an increase of 27% compared to 2020, when the total volume of gold purchases amounted to about 13 tons.
In detail, the 2021 purchases included about 13 tons of gold jewelry, an increase of 26% compared to 10.3 tons in 2020, while Kuwait’s purchases of coins and bullion amounted to about 3.5 tons, an increase of 29% compared to 2.7 tons in 2020.
The figures showed that the highest purchases recorded by Kuwait since 2010 were in 5 specific years, as the year 2014 came as the highest volume of purchases for the country with a total of 17.8 tons, including 14.2 tons of handicrafts, and 3.6 tons of coins and gold bars, and 2018 ranked second in the volume of purchases It reached 17 tons, including 14 tons of handicrafts, in addition to 3 tons of coins and gold bars.
It came in third place in 2017, with purchases amounting to about 16.5 tons, including 13.9 tons of handicrafts, and 2.6 tons of coins and bullion, while the year 2021 came fourth with the same volume of purchases of 16.5 tons, which included 13 tons of crafts in addition to 3.5 tons of currencies and bullion, while 2015 was the fifth largest volume of purchases with 16.2 tons, including 13.2 tons of handicrafts and 3 tons of coins and bullion.
In the same context, the figures showed that the per capita share of gold demand in Kuwait during 2021 increased by 25% to record about 3.5 grams, compared to 2.8 grams recorded in 2020, and historically, the per capita demand for gold reached 3.3 grams in 2019, and 3.7 Fines during 2018 and 2017, and the per capita share of Kuwait recorded its highest level in 2014 at 4.4 fines.
In a related context, and at the global level, the report indicated that the demand for gold grew by 34% to 1,234 tons in the first quarter of 2022, compared to 919.1 tons in the same period of 2021.
Gold ETFs led demand growth in the first quarter, amid rising geopolitical concerns related to the Russia-Ukraine war, as well as record inflation escalating around the world.
The report pointed out that gold exchange-traded funds recorded their strongest quarterly inflows since the third quarter of 2020, supported by demand for safe assets.
The holdings of ETFs jumped by 269 tons in the first quarter of the year, the most in 2021 by 174 tons.
The investment in bullion and coins amounted to 282 tons in the first quarter, which is 20% less than the first quarter of this year.