The decline is attracting attention from expats planning jewellery purchases, as lower rates improve affordability after weeks of elevated prices.
The fall in Kuwait mirrors a broader global sell-off in bullion, with gold retreating amid rising financial market volatility. International prices dropped as much as 3.8%, erasing a significant portion of this year’s gains.
Market analysts attribute the pressure to multiple factors tied to the ongoing Middle East conflict. Volatile oil prices have heightened inflation risks, reducing expectations of near-term interest rate cuts by major central banks. Higher rates tend to weigh on gold, which offers no yield.
Investors have also been liquidating positions to cover losses in other asset classes, accelerating the slide. Gold has now fallen for eight consecutive sessions, recording one of its steepest weekly declines in decades
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