8.2 Million Tons: Kuwaitis' Gold Purchases in the First Half of the Year

Gold demand in Kuwait declined by 2.38% year-on-year in the first half of 2026, weighed down by a drop in jewelry demand, which was offset by increased demand for bars and coins. According to the World Gold Council report released yesterday, Kuwaiti purchases of gold—encompassing jewelry, bars, and coins—totaled 8.2 tons in the first six months of this year, compared to 8.4 tons in the first half of 2025. Kuwaiti purchases in the first half of 2026 were distributed as 4.2 tons of bars and coins and 4 tons of jewelry, with 3.6 tons in the first quarter and 4.6 tons in the second quarter (jewelry and bars).

Notably, Kuwaiti gold purchases in 2025 fell by 7.07%, or 1.3 tons, year-on-year, to 17.1 tons, marking the lowest level since 2021 (a four-year low), compared to 18.4 tons in 2024. Statistics revealed that gold demand in Kuwait was affected by a 21.57% decline in investor appetite for jewelry in the first half of this year, reaching 4 tons, down from 5.1 tons in the same period of 2025. The report indicated that jewelry demand in Kuwait fell 18.52% year-on-year to approximately 2.2 tons in the second quarter of 2026, compared to 2.7 tons in the corresponding quarter of the previous year. Jewelry demand had also dropped by 25% in the first quarter to 1.8 tons.

Kuwait’s demand for bars and coins reached approximately 4.2 tons in the first six months of 2026, a 27.27% increase from the 3.3 tons recorded in the first half of the previous year. Kuwaiti demand was distributed as 1.8 tons in the first quarter and 2.4 tons in the second quarter, with demand rising by approximately 28.57% and 26.32% in the respective quarters.

The World Gold Council report highlighted that global gold demand across all instruments—including over-the-counter trading—remained stable at 1,269 tons in the second quarter of this year, bringing total demand for the precious metal in the first half of the year to 2,522 tons, a 2% annual increase, with a record value of $380 billion. The report noted that exchange-traded funds (ETFs) faced selling pressure in the second quarter, with moderate outflows responding to falling gold prices, particularly in North America, upward revisions to inflation and interest rate expectations, and the strengthening of the US dollar.

The report forecast that investment would remain the primary driver of gold demand growth in the second half of the year, noting that central banks are still on track for another strong year, albeit likely lower than in 2025, and that jewelry sales volumes will remain under pressure due to high gold prices.