UAE gold reserves hit $610mln in eight months

UAE –  Gold reserves held with the Central Bank of the UAE (CBUAE) surged by 56.14% or AED 805 million at the end of August 2019 to AED 2.239 billion, compared to AED 1.434 billion at the end of July 2019, official data by the CBUAE showed.

The central bank’s reserves of the precious metal accounted for nearly 110.23% of its total assets amounting to AED 1.065 billion at the end of August 2019, according to Mubasher Statistics.

The bank’s gold reserves fell by AED 1.069 billion this year from AED 1.134 billion as at December 2018.

The CBUAE’s gold reserves are expected to increase, owing to its safe-haven status that strengthens the economy against anticipated turbulence in 2019, analyst Mohammed Abdullah told Mubasher.

The GCC states need to constantly raise their reserves of gold amid the escalating geopolitical scene in the Middle East region and the current situation of the global economy, Abdullah said.

In April 2015, the UAE central bank decided to resume forming gold reserves for the first time in eight years after reserves ran out in the second half of 2007.

Translated by: Mai Ezz El-Din