As prices ease, gold remains ‘a safe haven’ for families

As prices ease, gold remains ‘a safe haven’ for families

By 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