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Iraq is the second Arab country to track the largest amount of gold in 2022
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2023-02-04 00:37
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Shafaq News/ The World Gold Council stated that Iraq is the second Arab country to track the largest amount of gold in 2022.
Data prepared by the World Gold Council, seen by Shafaq News Agency, showed that "last year 2022, central banks in the world bought 1,136 tons of gold, at a value of $70 billion, setting a record in 55 years."
And she explained, "The volume of gold purchases increased in the second half of last year, from July to December 2022, when central banks acquired 862 tons, while they bought only 274 tons in the first half of the year."
According to the chief analyst at the World Gold Council, "a lot of central bank purchases were driven by the fact that bullion is seen as a safe haven in turbulent times and is expected to retain its value despite geopolitical changes, unlike more volatile currencies and bonds."
According to the council's data, "most of the central bank purchases came from emerging markets, including China, Turkey, Egypt and Iraq, which traditionally have lower bullion sizes than Western banks."
The data showed that "Egypt came as the largest buyer of gold among the Arab countries, as it bought 44.6 tons, and Iraq came second with a quantity of 33.97 tons, and then the UAE came third with a quantity of 18.5 tons
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[You must be registered and logged in to see this image.]
2023-02-04 00:37
Share
Font
Shafaq News/ The World Gold Council stated that Iraq is the second Arab country to track the largest amount of gold in 2022.
Data prepared by the World Gold Council, seen by Shafaq News Agency, showed that "last year 2022, central banks in the world bought 1,136 tons of gold, at a value of $70 billion, setting a record in 55 years."
And she explained, "The volume of gold purchases increased in the second half of last year, from July to December 2022, when central banks acquired 862 tons, while they bought only 274 tons in the first half of the year."
According to the chief analyst at the World Gold Council, "a lot of central bank purchases were driven by the fact that bullion is seen as a safe haven in turbulent times and is expected to retain its value despite geopolitical changes, unlike more volatile currencies and bonds."
According to the council's data, "most of the central bank purchases came from emerging markets, including China, Turkey, Egypt and Iraq, which traditionally have lower bullion sizes than Western banks."
The data showed that "Egypt came as the largest buyer of gold among the Arab countries, as it bought 44.6 tons, and Iraq came second with a quantity of 33.97 tons, and then the UAE came third with a quantity of 18.5 tons
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