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Egypt’s gold reserves grow $58m in October

Egypt’s gold reserves grow $58m in October
Egypt's international reserves reached $45.246 billion in October

By: Heba El-Kordy

Cairo – Mubasher: Gold reserves in Egypt increased by $58 million month-on-month in October, despite the drop in gold prices globally.

The North African nation’s gold reserves reached $3.26 billion last month, compared to $3.2 billion in September, data released by the Central Bank of Egypt (CBE) showed.

Foreign reserves

The CBE also announced that the country’s net international reserves edged up 0.28%, or $129 million, month-on-month, registering $45.246 billion in October.

Gold reserves accounted for 24% of Egypt's international reserves during October, according to the data.

In addition, foreign currencies’ contribution to the country’s foreign reserves rose to $41.61 billion at the end of October, compared to $41.54 billion a month earlier.

Gold prices

By 11:05 GMT, gold futures for December delivery retreated 0.62% to $1483.9 per ounce amid US-Sino trade tensions.