Gold: The ‘most trusted’ precious metal in Kuwait

Gold: The ‘most trusted’ precious metal in Kuwait

By Ghadeer Ghloum

KUWAIT: Throughout history, it has been proven that gold has a special value. To take a closer look at Kuwait’s gold market in terms of investing, trustworthiness, people’s preferences and challenges, Kuwait Times interviewed Abu Mahdi, owner of a gold shop in Mubarakiya, and Abu Hashem, manager of a gold store in Hawally, to learn more about gold sales post-COVID and the new hallmark.

Trust in gold Abu Hashem said gold witnessed huge demand during and after the COVID pandemic, because people realized that gold prices had increase drastically, from KD 12 per gram to KD 17 per gram. So, there is a difference of KD 5-6 per gram, which is not a small amount. People started trusting gold and realized they must keep some gold to secure their future. As a consequence, sales rose during this period until today, although gold was cheaper before the pandemic.

Abu Mahdi said being a gold seller since 2010, he sees people in Kuwait have always trusted gold, because losses and cheating in gold is very limited, especially in Kuwait, as the ministry of commerce is taking very good care of this issue. It checks gold pieces very well and it goes through