The UAE Central Bank's gold balance continued to rise, reaching its value to 8,987 billion dirhams by the end of August, an increase of 122% compared to the value of the balance in December 2019. < / p>
According to the Emirates News Agency, the indicators of the movement of the balance of the UAE Central Bank of gold showed that it continued to increase its holdings of bullion, whose value rose from 4.044 billion dirhams in December 2019 to 5.95 One billion dirhams in the first quarter of 2020.
During the second quarter of this year, the value of the central bank’s balance of gold reached 6.58 billion dirhams before it jumped to 8.462 billion dirhams in July of the same year and then continued to rise Up to the level recorded in August.
In the year 2016 the value of the Central Bank's possession of gold was 1.015 billion dirhams ... while it reached 1.152 billion dirhams in 2017 and 1.134 in 2018, according to statistics Official.
The continuation of the increase in the Central Bank's possession of gold coincides with the rise in the prices of the yellow metal globally amid the appetite of international institutions to buy this strategic commodity that is described as a safe haven in Returns were not stable in other investment channels.
According to many specialized international institutions, gold prices will continue to rise during the coming period, as it is expected that it will return to rise above the level of $ 2000 an ounce, and the central bank has returned to form Gold reserves at the beginning of the year 2015, after it resorted earlier to selling all its stocks of the yellow metal and replacing it with a basket of the foreign mark.
