By: Enas Bahgat

Abu Dhabi – Mubasher: Gold reserves held with the Central Bank of the UAE (CBUAE) fell by 8.6% or AED 99 million ($26.949 million) in the first nine months of 2018 to AED 1.053 billion ($290 million) from AED 1.152 billion ($310 million) by the end of December 2017, data compiled by Mubasher showed.

Rising and falling reserves

In the first quarter of 2018, the UAE’s reserves of the precious metal had grown by AED 20 million or 1.7% to AED 1.172 billion from December 2017. However, in Q2-18, reserves retreated by 5.4% or AED 64 million to AED 1.108 billion.

Then in the third quarter, the CBUAE registered another drop in gold reserves by 4.9% or AED 55 million to AED 1.053 billion, with September alone registering a decrease of AED 12 million.

In April 2015, the CBUAE decided to resume building gold reserves, in addition to various foreign-currency reserves.

Gold rankings

According to the World Gold Council, the UAE ranks 74th globally in terms of its holdings of the yellow metal.

At the level of the Arab world, the UAE ranked 11th with 7.5 tonnes of gold or 0.3% of its total reserves.

Saudi Arabia topped the Arab world in gold holdings with 323.1 tonnes or 7.7% of its total reserves. At the global scale, the kingdom ranked 16th.

Many countries seek to purchase gold owing to its safe-haven status during times of economic or financial turbulence or uncertainty.

Translated by: Nada Adel Sobhi