World Gold Council: Limited demand for the yellow metal and Iraq maintains its rank
Shafaq News/ The World Gold Council announced, on Monday, that there is a limited demand for buying the yellow metal, while noting that Iraq has maintained its 30th rank globally among the largest countries in possession of gold reserves.
The council said in its latest schedule for the month of October 2022, which was seen by Shafak News Agency, that "purchasing gold from central banks slowed, as three banks increased their gold reserves by a ton or more, while there were no prominent sellers with the same scale in the available data.
He pointed out that "Iraq maintained its global position after it rose ten ranks last July after purchasing 34 tons of gold to rank 30 out of the 100 countries listed in the table with the largest gold reserves, reaching 130.4 tons of gold, which represents 9.6% of the total gold reserves." other precautions.
The council stated that "the total gold reserves of the first five Arab countries, namely Saudi Arabia, Lebanon, Algeria, Iraq and Egypt, rose to 1,039 thousand tons as a result of Iraq and Egypt purchasing large quantities of the yellow metal."
Globally, the United States of America is still on the list with the largest possession of gold in the world, at 8133 tons, followed by Germany, 3,355 tons, then Italy, 2451 tons, while the Lao People’s Republic ranked 100 with 900 kilograms, preceded by the Republic of Cape Verde by one ton.
On June 27, last June, Iraq announced the purchase of new quantities of gold, amounting to approximately 34 tons, an increase of 35% over what was in its possession.
It is noteworthy that the World Gold Council is headquartered in the United Kingdom and has extensive experience and deep knowledge of the factors that cause market change. Its members consist of the largest and most advanced gold mining companies in the world.
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