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Including Iraq... five countries possess more than 1,000 tons of gold
Economical 05/05/2024
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The World Gold Council announced yesterday, Saturday, that Iraq and four Arab countries possess more than a thousand tons of global gold reserves.
The Council said in its latest schedule for the month of May that “the first five countries (Saudi Arabia, Lebanon, Algeria, Libya and Iraq) possess 1,72,6 thousand tons.”
He added, "Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as it has not purchased gold since May last year, bringing its gold possessions to 142.6 tons, which represents 9.3% of the rest of its other reserves."
The Council also pointed out that “the United States of America sits on the throne of the rest of the countries with the largest possession of gold in the world at 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Suriname came at the bottom with 1.2 thousand tons.” “.
It is noteworthy that the World Gold Council is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.
Most Arab countries maintained the size of their gold reserves by the end of the first quarter of 2024, at the same levels recorded at the end of last year, with the exception of Oman and Qatar, which recorded net purchases of 4.5 tons and 1.5 tons, respectively.
Successive increases in gold prices led the value of most countries' reserves to record new levels, before the recent declines during the second half of April led to the value of those reserves returning to what they were.
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