Cairo – Mubasher: Gold reserves in Egypt rose in January for the second month in a row as concerns about the spreading coronavirus fuelled safe-haven demand.

Egypt’s gold reserves increased by $123 million to $3.424 billion in January from $3.301 billion in December 2019, according to data released by the Central Bank of Egypt (CBE).

Year-on-year, gold’s contribution to the country’s foreign reserves grew by $620 million from $2.804 billion in January 2019.

Globally, the precious metal gained $64.8 or 4.2% per ounce in January amid tensions between Iran and the US and worries over the outbreak of coronavirus.

It is noteworthy that Egypt’s foreign reserves increased by $37 million to $45.456 billion in January, compared to $45.419 billion in December 2019.