KUWAIT CITY, Feb 8: In 2024, the volume of gold purchases in Kuwait saw a decline of approximately 6.12 percent compared to the previous year, reports Al-Seyassah daily. The demand for gold in Kuwait dropped to 18.4 tons, down from 19.6 tons in 2023, which had marked the highest level of demand in the last decade. According to data from the World Gold Council, there was a noticeable decrease in demand for jewelry, which fell to 12.3 tons in 2024, compared to 14.3 tons in 2023.

On the other hand, demand for gold bullion rose to 6.1 tons in 2024, compared to 5.2 tons the previous year. Further insights from the World Gold Council revealed that during the fourth quarter of 2024, Kuwait’s demand for gold amounted to about 4.9 tons, an increase from 4.2 tons in the third quarter. However, the fourth quarter of 2024 showed a slight decrease from 5.1 tons in the same period in 2023. The breakdown of demand in Kuwait during the fourth quarter showed that 1.4 tons were for bullion, while 3.5 tons were for jewelry.

At the regional level, the demand for gold in the Middle East during the fourth quarter of 2024 increased to 68.4 tons, up from 65.5 tons in the same period of the previous year and 59 tons in the third quarter of 2024. Globally, gold demand in the fourth quarter of 2024 reached 872.5 tons, up from 729.5 tons in the previous quarter but down from 936.1 tons in the fourth quarter of 2023.

In terms of annual demand, the Middle East experienced a decline in gold demand, dropping to 266.5 tons in 2024 from 285.6 tons in 2023. Total demand for gold in 2024 at the world level amounted to approximately 3.06 thousand tons, a decrease from 3.30 thousand tons in the previous year. In addition to the decrease in demand, average gold prices in Kuwait rose by over 27 percent during 2024, contributing to the shift in purchasing behavior and impacting overall gold demand.