Media ININ Economy We Trust
Abu Dhabi 3 November 2019
The UAE Central Bank continued to strengthen its gold bullion balance of AED 2.71 billion, an increase of AED 1.6 billion and a growth of nearly 39% during the first nine months of 2019.
The central bank’s balance of gold bullion reached 1.134 billion dirhams at the end of 2018, according to official statistics.
The large rise in the balance of the central bank of gold coincided with the strong rise of the yellow metal, where the value of the ounce “ounce” globally exceeded $ 1500, making a gain of more than 17% since the beginning of 2019.
With the uncertainty that dominates the majority of the investment channels, especially the stock markets, and with the continued low interest rates on deposits, investment in the yellow metal is now attracting the bulk of investors.
The Central Bank data shows that it has returned to the formation of gold stocks since 2015, but that its balance still does not constitute a large proportion of the total balance of foreign currency, which means that the possession of gold for investment.
The UAE, represented by the Central Bank, emerged from the World Gold Council’s list of gold reserves with banks in the world several years ago, but reappeared on the list during the first third of 2015 after the Central Bank decided to reconstitute a balance of gold
