Data issued by the Central Bank showed yesterday that the bank’s gold assets recorded their highest ever increase since the return to its acquisition at the end of 2015, as the cumulative balance of the yellow metal recorded a growth of 220% during the first 11 months of 2019, reaching At the end of last November to 3.627 billion dirhams, compared to 1.134 billion dirhams at the end of last year, an increase of 2.493 billion dirhams.
Gold is considered one of the safe havens for investment, in light of the instability of financial markets and the decline in oil prices. Gold is also classified as the best saving pot for preserving the value of money, as global central banks seek to enhance their gold assets, a repository of value and insurance in times of crisis and poor economic conditions.
Gold is used as an international currency for trading, as the United States, China and India possess vast stocks of precious metal.
According to the statistics of the World Gold Council, the United States leads the countries in terms of the global reserve of gold by about 8133.5 tons, representing 73.4% of the total reserves it possesses, followed by Germany which holds 3369.7 tons, representing 68.8% of its total reserves.
The International Monetary Fund came in third place with 2814 tons, then Italy with 2451 tons, representing 66% of its total reserves, followed by France, which holds 2436 tons, then Russia, which has 2036.2 tons.