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Egypt’s gold reserves fall $119m in November

Egypt’s gold reserves fall $119m in November
Global gold prices fell by 4% during November

By: Heba El-Kordy

Cairo – Mubasher: Gold reserves in Egypt declined by $119 million to $3.148 billion in November, compared to $3.267 billion in October, in tandem with the decline in gold prices globally.

Year-on-year, the contribution of gold to Egypt’s international reserves increased by 20% from $2.6 billion in November 2018, according to data released by the Central Bank of Egypt (CBE).

Meanwhile, the contribution of foreign currency to international reserves grew to $41.93 billion at the end of last month, compared to $41.61 billion a month earlier.

During November, gold prices fell by 4%, their biggest loss since November 2016 as optimism around a trade deal between the US and China lowered demand for safer assets such as the previous metal.

It is noteworthy that Egypt’s foreign reserve increased by 0.24% to $45.354 billion in November, compared to $45.246 billion in October.