Kuwaitis purchased 8.2 tons of gold in the first half of 2026
- Global spending on gold jewelry reaches $86 billion
- Global demand for gold via the over-the-counter market hits 571 tonnes in six months
- Historic mine production of 966 tonnes in the second quarter
Total consumer demand for gold in Kuwait reached approximately 8.2 tonnes during the first half of 2026, distributed between 4 tonnes of jewelry and 4.2 tonnes of bars and coins, according to the World Gold Council’s “Gold Demand Trends” report for the second quarter of 2026.
Data showed that the Kuwaiti market improved in the second quarter compared to the first, with demand for gold jewelry rising by 19% quarter-on-quarter to 2.2 tonnes, up from 1.8 tonnes in the first quarter. Demand for gold bars and coins also increased by 34% to 2.4 tonnes, compared to 1.8 tonnes during the same period.
Despite this quarterly improvement, jewelry demand remained below its level a year ago, declining by 19% year-on-year. This was due to the continued impact of high global prices on purchasing power, which prompted some consumers to buy lighter-weight products or shift toward direct investment in gold bars and coins.
Investment demand maintained its momentum, with interest in gold bars and coins in Kuwait rising by 25% year-on-year in the second quarter, reflecting the enduring appeal of gold as a store of value amid economic and geopolitical volatility.
Globally, total gold demand, including over-the-counter (OTC) transactions, remained stable at 1,269 tonnes in the second quarter of 2026, showing no significant change compared to the same period last year. Total demand for the first half reached 2,522 tonnes, a 2% increase, recording a record value of $380 billion.
The report noted that investment would remain the main driver of gold demand in the second half of the year, supported by OTC transactions and strong demand in Asia, alongside continued central bank reserve accumulation.
Global investment in gold bars and coins amounted to 307 tonnes in the second quarter, while total demand for the first half reached 784 tonnes, one of the strongest first-half levels in history. China maintained its position as the largest market with investments of 107 tonnes, followed by India with approximately 50 tonnes.
In the jewelry sector, global demand fell to 278 tonnes in the second quarter, a 17% year-on-year decline, weighed down by rising prices, despite spending value reaching $86 billion in the first half, up 22% year-on-year.
Jewelry demand in the first half declined by 28% to 50 tonnes in China and by 15% to 75 tonnes in India. Demand in the Middle East also fell by 19%, with declines of 8% in Saudi Arabia, 28% in the UAE, and 14% in Egypt.
On the supply side, total global gold supply remained stable at 1,269 tonnes in the second quarter. Mine production rose by 2% to 966 tonnes, marking the highest level for a second quarter on record, while recycled gold volumes fell by 6% to 326 tonnes. Mine production for the first half reached a record 1,867 tonnes, a 3% increase compared to the same period last year.
The World Gold Council expects investment to remain the most influential driver in the gold market during the second half of 2026, supported by ongoing geopolitical uncertainty, inflation concerns, and central bank purchases, while high prices will continue to weigh on jewelry demand, with global supply growth remaining limited.
