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Reuters
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The World Gold Council released a report in which it revealed changes in official global gold reserves over the past few years, and the report showed the amounts of gold some Arab countries purchased in 2020.
The report states that the UAE bought 23.9 tonnes of the precious metal in the past year and, according to Council data, the UAE’s reserves in January reached 46.4 tonnes.
Thus, the UAE overtook Arab countries in buying gold in 2020, a year that saw strong demand for Yellow Resonance as a safe haven in times of crisis.
It is worth noting that the UAE ranks 50th in the world with gold reserves, which constitute 2.7% of its total international reserves.
The report also showed that Qatar bought 14.5 tons of gold last year, and its gold reserves last month reached 56.7 tons.
Qatar’s gold reserves accounted for 7.9% of total reserves, which include foreign cash, certificates of deposit and securities.
The United Arab Emirates and Qatar were not the only two Arab countries to have bought gold in the past, as data showed Egypt was buying 0.7 ton gold and Tunisia was buying gold. 0.1 ton.
Regarding the ranking of Arab countries, in terms of gold reserves, Saudi Arabia tops the Arab countries in this index, as it has 323.1 tons, and gold reserves constitute 3.9 % of the Kingdom’s total reserves.
Saudi Arabia ranks 18th in the world for yellow metal reserves, ahead of countries like Australia and Belgium.
Source: RT
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