Iraq sells 100 kilos of gold and falls one rank in the world’s reserves

Iraq sells 100 kilos of gold and falls one rank in the world’s reserves

SUNDAY, 01-08-2021,PM 6:08

Iraq sells 100 kilos of gold and falls one rank in the worlds reservesToday, Sunday, the World Gold Council announced that Iraq has sold 100 kilos of gold, declining one rank in the world’s gold reserves, indicating that Japan bought the largest amount of gold during the first quarter of this year.

The council said in its latest schedule for the month of August of 2021, that “Iraq sold 100 kilos of gold, and its possession became 96.3 tons, after it was 96.4 tons, which represents 9.1% of the rest of its other reserves.”

He added, “Iraq has not bought gold since September of 2020, when it bought a small amount of 0.1 tons, while it bought 6.5 tons in September 2018.”

He explained that “Iraq fell one rank to become 39th globally out of 100 countries listed in the table with the largest gold reserves in the world,” noting that “Brazil managed to purchase 41 tons during the past month, to raise its rank from 42 to 32 globally.”

He pointed out that “the largest increases for the first quarter of the current year 2021 for the purchase of the yellow metal came from Japan, which bought 80.76 tons of gold, followed by Hungary, which bought 62.98 tons, and Uzbekistan third, which bought 23.33 tons, then India came fourth, which bought 18.67 tons, and Kazakhstan came fifth. Which bought 7.99 tons, noting that the best selling countries for gold in the first quarter of this year was Turkey, with an amount of 31.60 tons, followed by the Philippines, with an amount of 24.73 tons, and then the UAE, with an amount of 3.43 tons, followed by Russia with 3.11 tons, and finally, Jordan came with 3.05 tons.

He pointed out that “the United States of America still ranks first in the world’s largest gold reserves with 8,133 thousand tons, followed by Germany with 3,359 thousand tons, while Yemen was at the bottom with 1.6 tons, preceded by Haiti by 1.8 tons.”

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.