FINANCIAL NEWS

Kuwait gold sales on the decline

30 Sep 2010

(MENAFN) Kuna reported that gold sales in Kuwait have been in a slump since the world economic crisis broke out in mid 2008 with the prices going beyond the purchasing power of the majority of consumers.

However, the prices keep going up and are poised to hit new record highs, Ibrahim Lari, a gold seller, said Wednesday as he looked desperately at customers going to other more booming businesses.

Since early September, the gold price in Kuwait has made up to ten new all-time highs, hitting $42 a gram. The rally, triggered by the global economic crisis, is not over yet, as the factors pushing the prices up are still there, observers believe.

Foremost among these factors are the tendency of investors to invest in the gold industry after they lost confidence in the stock markets and the fluctuating exchange rates of main currencies.

Kuwait imported only 12 tons of gold in 2009 compared to 26 tons in 2006 and a similar quantity in 2007, according to traders.

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