Learn more about the Arab part of the world's gold

Data from the World Gold Council showed that world precious metal reserves rose to 34 076 000 tonnes in August, including 55.8% in the euro area.

According to the data, the Arab countries together possess 1292.9 tons of gold, which represents 3.79% of the total reserves of the countries of the world.

The data shows that Saudi Arabia surpassed the Arab countries with gold reserves, which amounted to 323.1 tons, which earned it the 17th place in the world. The Kingdom's gold reserves represent 0.94% of the world's reserves.

Lebanon ranked second with reserves of 286.8 tonnes (0.84% ​​of world reserves), followed by Algeria with 173.6 tonnes (0.50% of world reserves) and Libya with 116.6 tons (0.34% of world reserves). Iraq has 96.3 tons (0.28% of world reserves).

The price of gold has recently risen as a safe haven, in the context of a raging trade war between China and the United States, which has overshadowed the growth of the global economy.

Since the beginning of this year, the price of gold has risen from 1281.3 dollars to 1513 dollars.

The following is a chart showing the evolution of the price of gold in cash transactions for nearly a year:

Bloomberg

Source: RT

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