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Shafaq News/ The World Gold Council announced, on Monday, that there is a great demand for buying the yellow metal by international central banks, while it indicated that Iraq maintained its thirtieth rank in the world among the largest countries with gold reserves.
The Council said in its latest schedule for the month of December, seen by Shafaq News Agency, "The purchase of gold from central banks increased significantly during the month of October, as central banks added 31 net tons of gold to the global international reserves."
He added, "Gold purchases were limited to the Central Bank of the United Arab Emirates, which was the largest buyer during the aforementioned month, as it added just over nine tons to its gold reserves, and the Turkish Central Bank also bought nine tons of gold last October." Uzbekistan also added nine tons, Kazakhstan three tons, and India and Qatar one ton each.
He pointed out that "Iraq maintained its global position after it climbed ten ranks in the month of July after purchasing 34 tons of gold, to reach rank 30 out of 100 countries listed in the table with the largest gold reserves, so that its possession of gold reached 130.4 tons, which represents 8.4% of the rest of its other reserves." ".
The World 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 the purchase of large quantities of the yellow metal by both Iraq and Egypt."
And globally, the United States of America still sits on top of the rest of the countries with the largest possession of gold in the world at 8,133 thousand tons, followed by Germany with 3,355 thousand tons, and then Italy came with 2,451 thousand tons, while the Lao People’s Republic ranked 100th with 900 kilograms, preceded by the Republic of Cuba by one ton."
On June 27, Iraq announced the purchase of new quantities of gold, approximately 34 tons, an increase of 35% over what was in its possession.
It is noteworthy that the World Gold Council, which 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.
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