Khaberni - The decline in gold prices caused rapid losses for investors in gold and silver, estimated at about $7.4 trillion.
Gold and silver markets have been on a knife-edge in recent days, amid a sharp, unexpected decline that saw the yellow metal, particularly in Thursday and Friday's trades, lose about 11%, falling to a level of $4895.1 per ounce after having recorded around $5600 in previous days, while silver lost about 30%.
A direct buying wave of bullion by individuals to capitalize on the sharp price decline, hoping for gold to rally again, was noted. In Kuwaiti markets, the price of a gram of gold fell during Thursday and Friday, reaching around 7 dinars.
Kuwaiti newspaper "Al-Rai" reported that the Kuwaiti gold market experienced congestion to buy bullion and gold coins, in addition to many opting to purchase through approved apps, where the waiting time to receive purchases in the account reached three days.
Experts and gold shop owners told the newspaper that the largest turnout was on Friday night for purchasing bullion and gold coins in various weights, from 5 to 20 grams, as well as the gold lira, whether Swiss or Ottoman, noting that the selling price was instantaneous and linked to the announced prices.
