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UAE's gold reserves rise by 41% in 12 months to the end of April

Kitco Media
By Anna Golubova
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Updated
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(Kitco News) The value of the United Arab Emirates' gold reserves surged 41% in the 12 months to the end of April, local media reported, citing data released by the Central Bank of the UAE (CBUAE).

The UAE's gold reserves jumped to AED (United Arab Emirates dirham) 17.505 billion (USD 4.8 billion) at the end of April from AED 12.42 billion (USD 3.4 billion) reported in April 2022. This is an annual increase in the value of gold reserves of 41%, Emirates News Agency said.

In the first four months of the year, gold reserves increased by 9.1%, which is equivalent to AED 1.46 billion (USD 400 million), the central bank's data showed.

The UAE has significantly boosted its gold reserves in the last five years. In 2018, the central banks' gold reserves were at just AED 1.134 billion (USD 309 million).

The jump in the UAE's gold reserves is in trend with other central banks' gold-buying activity outlined by the World Gold Council (WGC).

Last year, central banks stepped up gold allocation, boosting their reserves, led by emerging economies such as China, India, Turkey, Egypt, Qatar, and Singapore.

After last year's record amount of 1,136 tonnes purchased, central banks added 228 tonnes to their global gold reserves during the first quarter of 2023.

Kitco Media

Anna Golubova

Anna Golubova is the Producer for Kitco News. With more than ten years of experience in media, she has covered a range of topics, focusing on economy and politics. Anna began to exclusively cover economic news in 2013, attending media lockups at the Bank of Canada and Statistics Canada to report on a range of key macro economic events, including interest rate announcements, GDP, unemployment, and retail. She holds a Master of Arts in International Relations from NPSIA, Carleton and a Bachelor's degree in Political Science and History from the University of Ottawa.

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