The world’s gold reserves are declining, and Iraq maintains its position

The world’s gold reserves are declining, and Iraq maintains its position

2022-03-06 07:43

The worlds gold reserves are declining and Iraq maintains its positionShafaq News/ The World Gold Council announced, on Sunday, a decline in the world’s reserves of gold after the central banks of countries sold quantities of it within one month, while Iraq maintained its global position.

In its latest schedule for the month of March 2022, which was seen by Shafak News Agency, the council said that “the world’s gold reserves declined by 12 tons as a result of central banks selling quantities of it,” noting that “the bulk of the decline is caused by large sales from Kazakhstan (17). tons), while Russia (3 tons), Poland sold two tons, Uzbekistan one ton, and Mongolia one ton.

He added, “The total purchases amounted to less than 13 tons, as Turkey bought (10 tons), India also bought one ton, Qatar (0.7 tons) and Ireland (0.5 tons).”

The Council noted that “Iraq maintained its global position as 39 out of the 100 countries listed in the table with the largest gold reserves, reaching 96.4 tons of gold, which represents 8.8% of the rest of its other reserves.”

He explained that “the five Arab countries in the table did not purchase any amount of gold during this month, so that Iraq maintains its fifth rank in the Arab world after Saudi Arabia, Lebanon, Algeria and Libya,” noting that “the total possession of gold in the five Arab countries amounts to 996.5 tons.”

He pointed out that “the United States still ranks first among the countries of the world in possession of gold with 8,133 thousand tons, followed by Germany, 3,359 thousand tons, then Italy 2,451 thousand tons, while Suriname ranked 100, with 1.5 tons, preceded by Yemen, with 1.6 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.