KUWAIT:
As gold hits historic highs and is expected to rise further, women are seeking to find a balance between their desire to purchase gold for Eid and selling the gold they already own to benefit from the current prices, reaching over KD 20 per gram (for 21 karat gold). Gold prices spiked as high as $2,353.95 per ounce on Monday to extend its record-busting streak, buoyed by its haven qualities amid ongoing Middle East turmoil.
Gold holds significance among Arabs as it symbolizes fashion and status. It is often worn at social and religious occasions such as Eid and cherished for its beautiful appeal and conservation of wealth, making it an investment for many people. “This is the first time for gold to reach this price and we are not sure yet of the reason behind this jump.
But we expect it to reach an even higher record,” said Yousef Ali, a vendor at a gold shop. Hasan, another vendor at a gold shop, explained: “Ever since the pandemic, gold has been hitting record highs to reach its historical record today. Women constitute a significant share of gold buyers, especially during seasonal occasions such as the holy month of Ramadan, Eid Al-Fitr and Eid Al-Adha.”
21 Carat gold bangles.
Gold Bangles
Gold Ottoman Liras
Hasan also recommended that in the current market, women should consider selling to capitalize on the high prices instead of making new purchases. “Rather than buying, I recommend selling your gold during this time if you need some money, as it’s at a very high record today in comparison to its record in the past years,” he advised.
Khaznah, a Kuwaiti woman, told Kuwait Times there is a well-known saying about gold that summarizes why women love to buy gold, “Zeena w khazeena,” meaning gold is a beautifying accessory and an investment. “Gold is not only worn during Eid; women wear gold in almost every joyful event, whether a religious event or wedding. Many women also wear gold daily. However, we tend to buy a new piece of gold for Eid as a way to express our joy and celebration of this precious occasion,” she elaborated.
Khaznah also emphasized that despite her assuredness that gold shops in Kuwait are under meticulous monitoring and sell authentic gold pieces, she still prefers to purchase her gold from the same gold shop that she always buys from. “I do not like to change the gold shop I buy from. I trust the purity and love the designs and craftsmanship of this store. I also trust the pricing, as despite gold being already expensive, some vendors increase the price even more. Not to mention the record high it has reached with the arrival of Eid, which is making us hesitate to buy any new gold,” she added.
