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(Jintuo News) The value of the UAE’s gold reserves soared 41% in the 12 months to the end of April, local media reported, citing data released by the Central Bank of the United Arab Emirates (CBUAE).
The UAE’s gold reserves jumped from AED 12.42 billion (USD 3.4 billion) reported in April 2022 to AED 17.505 billion (USD 4.8 billion) at the end of April. This was an annual increase in the value of gold reserves, which accounted for 41 percent, the Emirates News Agency said.
Gold reserves rose 9.1 percent in the first four months of this year, equivalent to 1.46 billion dirhams ($400 million), central bank data showed.
The UAE has substantially increased its gold reserves over the past five years. In 2018, the gold reserves of central banks were only 1.134 billion dirhams ($309 million).
The rise in the UAE’s gold reserves is in line with other central banks’ gold purchases as outlined by the World Gold Council (WGC).
Last year, central banks, led by emerging economies such as China, India, Turkey, Egypt, Qatar and Singapore, stepped up their allocation to gold and added to their reserves.
Following last year’s record amount Purchased 1,136 tonsCentral Bank Added 228 tons Global gold reserves in the first quarter of 2023.
Disclaimer: The views expressed in this article are solely those of the author and may not reflect the views of others Kitco Metals The author has made every effort to ensure the accuracy of the information presented; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation for the exchange of any commodities, securities or other financial instruments. Neither Kitco Metals Inc. nor the authors accept responsibility for loss and/or damage arising from the use of this publication.
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