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.