‘Omicron’ Tilts Scales in Favor of Gold Bullion Buying in Kuwait

Gold bullion sales in Kuwait has seen a steady increase, since the announcement of the new Covid-19 mutant ‘Omicron’ which seem to have changed the rudder of consumers, raising the demand for bullion in medium sizes to overcome their purchases of gold ‘handicrafts’.

The gold and precious metals expert, Rajab Hamed, told Al-Anba it is usual with the signs of any new crisis that citizens and residents resort to buying gold in order to hedge against the effects of the expected crisis and to protect the value of liquidity available to them as a safe haven.

He stated it appears the announcement of ‘Omicron’ has angered citizens and residents, so that their purchasing behavior during the past few days has turned to bullion at the expense of gold jewelry, with 60% of the sales volume for “bullion” and 40% for “craft”.

Rajab said the purchases of alloys by citizens and residents before the announcement of the new mutant from “Omicron” were focused on alloys weighing 5 to 10 grams, but with the announcement of “Omicron” there were fears that the precautionary measures would be repeated worldwide, which prompted many citizens and residents to preserve the value of the financial liquidity available to them by buying gold, which was actually evident in the change in purchase rates, as the purchase of bullion was based on weights of 50 and 100 grams.

Rajab explained the high demand for 50 and 100 grams bars purchase in the past, before Omicron, was dependent on consumers, citizens and residents, buying gold with a specific part of their savings only. Consumers are now buying gold with all their savings to preserve value, which has doubled the demand for 50 and 100 gram bars.

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