Ramadan atmosphere spurs demand for gold jewelry

In recent years, there has been a notable surge in Kuwaiti women’s interest in acquiring gold jewelry, transcending generational boundaries. Gold has emerged as a desirable accessory across all age groups, epitomizing the adage of “adornment and treasury", reports Al-Qabas daily.

The ambiance and customs of Ramadan seem to be fueling women’s inclination towards purchasing gold jewelry to complement traditional attire, particularly during gatherings like “ghabqas” and other customary Ramadan occasions,

The allure of gold jewelry during Ramadan is further augmented by its integration into Ramadan fashion, with women and girls in Kuwait embracing gold as an essential element of their attire for events like “Quraysh” and “Ghabqat,” as well as various Ramadan gatherings. Many women are turning to traditional gold jewelry designs, reminiscent of Kuwait’s heritage, which featured distinctive ancient patterns for bracelets, rings, and other ornaments like “al-mammash” and “marami.” This resurgence has prompted gold factories and shops to reintroduce these traditional models, catering to individuals seeking to embellish their traditional attire with authentic gold accents.

Despite the recent rise in gold prices, the onset of Ramadan has spurred women to invest in gold jewelry, evident from the bustling crowds of women and girls flocking to stores across Kuwaiti markets to acquire their desired pieces and complete their Ramadan ensembles. Additionally, gold has become a favored choice for those looking to gift a special Ramadan “naqsa,” particularly to mothers or wives, further fueling the demand for gold during the holy month.

Meanwhile, the Al-Jarida daily said gold prices experienced a decline, reaching $2,156 per ounce by the end of last week’s trading session, marking the first decrease in four weeks. However, in the local market, the price of 24-karat gold stood at 21.3 dinars (approximately $65) per gram, while 22-karat gold was priced at 19.5 dinars (approximately $60) per gram. Silver closed at 294 dinars (approximately $896) per kilogram.

According to a report from Kuwaiti Dar Al-Sabaek Company, gold prices dropped from $2,180 to $2,156, representing a 0.3% decline in futures prices for April delivery, which settled at $2,161 per ounce, registering a 1.1% loss for the week.