Sat. Mar 2nd, 2024

In a recent disclosure by the World Gold Council on Saturday, Iraq has secured its position as the seventh-largest buyer of gold worldwide in 2023. Alongside Iraq, Libya and Qatar have also joined the ranks of the top 10 largest Arab countries engaging in significant gold acquisitions throughout the year.

The surge in gold purchases is attributed to its recognized status as a safe haven during periods of geopolitical and economic uncertainties, prompting many nations to bolster their gold reserves. Despite a slight decrease in central bank gold acquisitions from 1,081.9 tons in 2022 to 1,037.4 tons in 2023, the latter still marks the second-highest amount recorded in almost 55 years.

Leading the pack of central banks in gold acquisitions in 2023 is the People’s Bank of China, securing its position with a substantial 224.88 tons. Poland follows closely in second place with 130.3 tons, while Singapore claims the third spot with 76.51 tons. Libya secures the fourth position with 30.1 tons, the Czech Republic follows in fifth with 18.71 tons, and India takes the sixth spot with 16.22 tons.

Iraq emerges as a significant player in gold acquisitions, with the Central Bank of Iraq (CBI) purchasing 12.25 tons in 2023, earning the country the seventh position globally. Qatar secures the eighth spot with 7.44 tons, followed by the Philippines in ninth place with 7.10 tons, and Kyrgyzstan rounding out the top 10 with 6.95 tons.

The report underscores the strategic importance nations place on gold reserves, reflecting a global trend towards securing tangible assets amid ongoing uncertainties in the geopolitical and economic landscape.

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