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Posted inPolitics & Economics, Latest News, UAE

UAE central bank’s gold reserve rises by $52.8 million during Jan-May this year

The current total value of the reserve of the yellow metal with the CBUAE is to the tune of AED12.107 billion by end of May, according to apex latest statistics

By Staff Writer
gold
Precious metals as tangible assets will offer elevated protection for their portfolio and balance the risks that emerge from simultaneously weak currency and high inflation

The value of UAE central bank’s gold reserve rose by 1.63 percent – or AED194 million ($52.8 million) – in the first five months of this year.

The total value of the reserve of the yellow metal with the Central Bank of UAE has reached AED12.107 billion by end of May, compared with AED11.913 billion by end of December 2021, according to the apex latest statistics.

The reserve of gold grew exponentially to AED8.961 billion by end of 2020 from AED4 billion by end of 2019.

Central banks around the world park a significant part of their reserves in gold, as the yellow metal is considered to be the best bet against economic downturns and inflation.

The price of the yellow metal saw a major bull run during the pandemic period, pushing up the value of the reserves of central banks.

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