Iraq maintains its 30th position in the world with the largest gold reserves

Iraq maintains its 30th position in the world with the largest gold reserves

2023-11-09 00:10

Iraq maintains its 30th position in the world with the largest gold reservesShafaq News/ The World Gold Council announced, on Thursday, that Iraq maintained its 30th place in the world with the largest gold reserves.

The Council said in its latest table for the month of November 2023, viewed by Shafaq News Agency, that “Iraq maintained its ranking of 30 globally out of the 100 countries included in the table with the largest gold reserves, as it has not purchased gold since the month of May, bringing its gold possessions to 132.7 tons, which represents 7.6 tons.” % of the rest of its other reserves.

He added, “Iraq came in fourth place in the Arab world with the largest gold reserves after Saudi Arabia with 323.1 tons, Lebanon with 286.8 tons, and Algeria with 173.6 tons. Egypt came in fifth place with 125.9 tons.”

He pointed out that “the United States of America leads the rest of the countries with the largest possession of gold in the world, with 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Bosnia and Herzegovina ranked 99th with 1.5 tons, followed by Suriname.” The same quantity is 1.5 tons.

Financial expert Muhammad Al-Hassani said, “All countries, including Iraq, are trying to diversify their basket of currencies and gold to be an investment portfolio to reduce risks and sudden fluctuations that may occur as a result of crises or the decline in the value of currencies. It is a type of hedge and provides monetary stability.”

He added, “Countries do not rely on gold to a large extent in their investment portfolios because it is a heavy commodity, not like other currencies that can be bought and sold quickly. Therefore, we see that some rich countries have gold, but their gold reserves are almost constant and they do not carry out buying and selling operations on a regular basis.” Continuing as America, Germany and the United Kingdom.

On June 27, 2022, Iraq announced the purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what it had in possession, while in May it announced the purchase of 2.3 tons of gold.

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