The Arab country that bought the most gold in 2020

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The Arab country that bought the most gold in 2020

Reuters

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The World Gold Council published a report in which it revealed the changes that occurred in the official global gold reserves in past years, and the report showed the quantities of gold that some Arab countries bought in 2020.

The report indicated that the UAE bought 23.9 tons of the precious metal during the past year, and according to the Council’s data, the UAE’s reserves in January reached 46.4 tons.

Thus, the UAE has topped the Arab countries in buying gold in 2020, a year that witnessed a great demand for yellow resonant as a safe haven in times of crisis.

It is noteworthy that the UAE ranks 50th in the world with gold reserves, which constitute 2.7% of its total international reserves.

The report also showed that Qatar bought 14.5 tons of gold last year, and its gold reserves last month reached 56.7 tons.

Qatar’s gold reserves accounted for 7.9% of the total reserves, which include foreign cash, certificates of deposit and securities.

The UAE and Qatar were not the only two Arab countries that bought gold during the past world, as the data showed that Egypt bought gold by 0.7 tons, and Tunisia by 0.1 tons.

Regarding the ranking of Arab countries, in terms of gold reserves, Saudi Arabia tops the Arab countries in this index, as it owns 323.1 tons, and gold reserves constitute 3.9% of the Kingdom’s total reserves.

Saudi Arabia ranks 18th in the world in yellow metal reserves, ahead of countries such as Australia and Belgium.

Source: RT



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