UAE gold reserves climb 28% in 2024

The UAE Central Bank's gold reserves witnessed a 5.3% month-on-month increase, reaching AED23.2 billion ($6.3 billion) by the end of the third quarter of 2024.

Year-to-date, the reserves surged by 28%, reflecting a growth of over AED5 billion compared to AED18.2 billion at the end of 2023, according to the bank's latest monthly statistical bulletin for September, as reported by the WAM news agency.

Andrew Naylor, head of the Middle East and public policy at the World Gold Council, attributed the heightened interest in gold across western markets to substantial inflows into gold-backed exchange-traded funds.

These funds serve as a key indicator of investor sentiment, he explained during an October statement.

Meanwhile, net international reserves within the UAE banking sector increased slightly to AED1.32 trillion in September, up from AED1.31 trillion in August.

From January through September, cash withdrawals totaled AED151.9 billion, while deposits with the central bank amounted to AED140.8 billion. Demand deposits grew by over 3%, reaching AED1.1 trillion by the end of September, with savings deposits standing at AED304.5 billion.