The balance of the UAE Central Bank of gold bars reached about 6 billion dirhams during the first quarter of 2020, an increase of 50% compared to 4 billion dirhams at the end of the year 2019 .
According to the Emirates News Agency, the value of the central bank's possession of gold recorded during the first quarter of the current year is the highest since 2015, which reflects its continued trend towards increasing its possession of the metal Yellow, which increased at the beginning of the year 2019.
It is noteworthy that gold prices worldwide witnessed a significant increase during the past 18 months, as the price of an ounce / ounce / about 1700 dollars, achieving gains of more than 40% since Year 2019.
It is expected, according to an estimate by international investment institutions, that gold prices will continue to rise during the year 2020, which encourages their possession, especially in light of the current circumstances, as the yellow metal is considered a safe haven for investors.
It is clear from the latest statistics issued by the Central Bank that its gold balance grew by 7.1% in March 2020 compared to February of the same year in which the value The balance is 5.6 billion dirhams.
The balance of the central bank of gold bars reached 1.134 billion dirhams at the end of 2018, according to the statistics of the central bank, but rose to 4 billion dirhams at the end of 2019.
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The central bank has returned to form a gold stock since 2015, after it had earlier emerged from the lists of the World Gold Council on gold reserves with banks in the world after the sale of all its ownership Of yellow metal.
