Markets

UAE gold reserves climb 28% in 2024

Central bank reports AED5 billion increase amid rising investor interest in gold

UAE gold reserves climb 28% in 2024

A pile of gold bars sitting on top of a table

Photo by Zlaťáky.cz on Unsplash

UAE Central Bank's gold reserves rose 5.3% month-on-month to AED23.2 billion ($6.3 billion) by Q3 2024.

Year-to-date, gold reserves increased by 28%, up from AED18.2 billion at the end of 2023.

Net international reserves in the banking sector grew to AED1.32 trillion in September.

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.

Comments

See what people are discussing

More from Business

State Bank of Pakistan's forex reserves record marginal increase

State Bank of Pakistan's forex reserves record marginal increase

Country’s total liquid reserves reach $16.04 billion

More from World

US slaps sanctions on network shipping Iranian oil to China

US slaps sanctions on network shipping Iranian oil to China

Sanctions target individuals and companies in countries including China, India, and the United Arab Emirates