Media ININ Economy We Trust
Media In Abu Dhabi, 5 December 2018,
The Central Bank of the UAE’s gold bullion stood at 1.077 billion dirhams in October 2018, an increase of 2.2% compared to 1.053 billion dirhams in September of the same year.
The rise in the Central Bank’s gold balance coincided with the sharp improvement in the price of the yellow metal during the past two months as the price of the gold bullion “ounce” to rise above the level of 1237 dollars, after the strong decline in September this year and abandoned the level of 1200 Dollars.
The central bank returned to the formation of a balance of gold as of 2015, but its stockpile of yellow metal does not constitute a large proportion of the total balance of foreign currencies, which prompted industry experts to confirm that the return of central gold possession primarily aimed at investment.
The UAE represented by the Central Bank emerged from the lists of the World Gold Council on the reserves of gold in banks in the world for several years before returning to appear again in the list during the first third of 2015 after the Central Bank decided to re-composition of gold.
According to statistics issued by the Central Bank of the month of 2018 witnessed the largest activity of the bank in terms of volume of gold holdings, which amounted to 1.172 billion dirhams compared to 1.152 billion dirhams in December of 2017.
During the second quarter of this year, the value of the central bank of gold was 1.108 billion dirhams, a very limited decline compared to the previous month, the decline in September to 1.053 billion dirhams before the return to rise again in October to the level of 1.077 billion dirhams.
