Kuwait ranked seventh in the Arab world and second among the countries of the Gulf Cooperation Council with about 79 tons its central bank’s reserves of gold at the end of last July, representing 8.7 percent of the total reserves.
Statistics of the World Gold Council revealed that Saudi Arabia came at the forefront in the Arab world in terms of the volume of gold reserves amounting to 323.1 tons, which constitutes only 3.8 percent of its total reserves of foreign assets, which puts it in the 18th rank globally, followed by Lebanon in second place in the Arab world and 20th globally with reserves amounting to 286.8 tons of gold at the end of July, equivalent to 50.3 percent of Lebanon’s reserves of foreign assets.
Algeria ranked third in the Arab world with 173.6 tons of gold, representing 16 percent of reserves, ranking 26th globally, followed by Iraq in fourth place, possessing 130.4 tons, representing 9.5 percent of total reserves, ranking 30th globally. Egypt came fifth in the Arab world and 34th globally, with 125.2 tons, representing 22.6 percent of the total reserves, then Libya ranked sixth in the Arab world with 116.6 tons, representing 8.2 percent of the total reserves, followed by Qatar in eighth place in the Arab world and 45th globally with 72.3 tons, representing 9.6 percent of the total reserves. The UAE is ninth in the Arab world and 49th globally with 55.2 tons, representing 4.9 percent of its total reserves.
The data indicated that the reserves of the world’s central banks of the yellow metal amounted to 35,393 tons at the end of last July, as the United States of America topped the list with 8133.5 tons, representing 66.9 percent of the reserves of the American Central Bank, followed by Germany with 3,355.1 tons of gold, representing 66.1% of the total reserves of the Bundesbank.
Gold is considered a safe haven, especially in times of crisis, as many tend to buy it to hedge against inflation risks, and in the past years, the prices of the precious metal have risen in light of the Corona virus crisis and its consequences.
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