The central bank’s balance of gold jumps to 8,987 billion dirhams by the end of August 2020

The Central Bank of the Emirates continued to increase its gold balance, which reached 8.987 billion dirhams by the end of August, an increase of 122% compared to the value of the balance in December 2019, according to statistics issued by the Central Bank today.

The continued 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 light of the instability of returns in other investment channels.

According to many specialized international institutions, gold prices will continue to rise during the coming period, as it is expected to return to rise above the level of $ 2000 an ounce. Yellow and replace it with a basket of the foreign mark.

In detail, the indicators of the movement of the UAE Central Bank’s gold balance show that it continues to increase its holdings of bullion, whose value rose from 4.044 billion dirhams in December 2019 to 5.95 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 to the level recorded in August.

In 2016, the value of the Central Bank’s possession of gold was 1.015 billion dirhams, while it reached 1.152 billion dirhams during the year 2017 and 1,134 in 2018, according to official statistics.

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