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2024-08-24 | 02:02
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Alsumaria News - Economy
Iraq ranked ninth globally among the top 10 countries buying gold this year. What is meant by gold is converting foreign currency reserves into gold, not the gold of goldsmiths and citizens.
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Iraq bought 100 tons of gold this year, coming in ninth out of the top 10 countries buying gold this year, compared to 1,298 tons bought by Russia, as interest in buying gold is growing amid rising geopolitical tensions and economic fluctuations.
This comes as the precious metal hit an all-time high of $2,531.75 an ounce after breaking above $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.
Bullion typically benefits from low interest rates, and central banks hold gold reserves because of its strong collateral, liquidity and yield properties.
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