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Kuwaitis and residents spend $600 million on yellow metal in nine months

Country ranks third in the GCC region, after the UAE and KSA, in consumption of the precious metal

Purchases of gold and its products in Kuwait exceeded $596 million during the first nine months of 2015.

Statistics obtained by Kuwait-based Al Rai show that the amount of gold that entered the market during the first nine months of this year amounted to 16.28 tonnes.

According to the average price of gold at approximately KWD11,100 per kilo in the first nine months of this year, the value of gold exceeded KWD180.7 million, the equivalent of $596.33m, despite the decline in ounce rates to their lowest levels during the third quarter of 2015.

A report issued by Saba’k Gold Kuwait says that Kuwait ranks third among the Gulf states in gold consumption during the first nine months of 2015 after the United Arab Emirates (the first) with 46.1 tonnes and Saudi Arabia (second) with 44.5 tonnes.

The report shows that the Arab countries have begun to place particular importance on gold in recent times, while central banks are seeking to raise their gold reserves and consumption has began to rise as a result of the interest of individuals and companies in possessing the precious metal.

(US$1 = KWD.303, at the time of publishing)