BUSINESS

Iraq bought 24.1 tons of gold last year, Int. Gold Council

International Gold Council disclosed in its yesterday's report that Iraq bought 24.1 tons of gold during 2012, according to news published by Saudi al-Sharq al-Awsat daily today.

Aswat Aliraq

February 17, 2013

15 February 2013
BAGHDAD: International Gold Council disclosed in its yesterday's report that Iraq bought 24.1 tons of gold during 2012, according to news published by Saudi al-Sharq al-Awsat daily today.

The report pointed out that international central banks increased their purchase of gold during the last year to the highest level in 48 years.

It added that Iraq benefited from the increase in oil prices to buy this quantity of gold.

The overall purchase of gold reached to $236.5 billion with a quantity of 4405.5 tons.

Analysts said that the main reason for the increasing purchase is the fluctuations in currency prices, amid fears of "currencies' war".