Forbes: Saudi Arabia has the largest gold reserves in the Arab world, with 323 tons, followed by Lebanon, which is economically exhausted

Forbes: Saudi Arabia has the largest gold reserves in the Arab world, with 323 tons, followed by Lebanon, which is economically exhausted
Forbes: Saudi Arabia has the largest gold reserves in the Arab world, with 323 tons, followed by Lebanon, which is economically exhausted

Saudi Arabia tops the ranking of the Arab countries with the largest reserves of gold, with 323.1 tons of the yellow metal, which represents 4.1% of the total reserves of the Central Bank “Sama”, followed by Lebanon, which is economically exhausted, with a balance of 286.8 tons of gold, but it represents 43.3% of the total reserves , according to Forbes Middle East.

Algeria is ranked third in the Arab world, as it has a gold reserve of 173.6 tons, which constitutes 18.2% of the reserve, ahead of Libya, which has 116.6 tons of the precious metal, or about 8.5% of its total reserves, and Iraq, which grabs the fifth place with 96.3 tons, or about 9.4 % of its reserves with the Central Bank.

Egypt ranks sixth, as it owns 80.6 tons of yellow metal, which constitutes 11.9% of the total reserves of the Central Bank of Egypt, followed by Kuwait in seventh place with 79 tons of gold, which represents 9.3% of reserves, while Qatar ranks eighth with a score of 59.8 tons, or 6% of the reserve.

While Jordan comes in the ninth place in the Arab world with 56.9 tons, which constitutes 19.4% of the reserves, the UAE is in the tenth place with 55.3 tons, which is equal to 2.9% of the reserve volume of the UAE Central Bank, knowing that all data according to the World Gold Council in September / September from the end of June, except for Lebanon, Libya, Iraq, and Jordan, according to the latest available data.

Important Developments

The price of gold in spot transactions since the beginning of the year until now has fallen 7.6% to reach $ 1753.8 per ounce, compared to $ 1898.7 per ounce at the beginning of the year, and the price of $ 1950 per ounce was the highest during the past eight and a half months of the year and was recorded on January 5 second of 2021.

Prices reached the second largest during the first half on June 2, at $1,908.4 an ounce, but they have fallen since then, and prices had recorded historical levels above two thousand dollars an ounce on August 7 of last year.

The price recorded on March 8 last is considered the worst price for the precious metal this year, as it fell to $1683.5 per ounce, which is the same level that prices touched at the end of the same month. It is worth noting that one ton is equal to about 35,000 ounces.

Gold prices rise in times of crisis such as conflicts and geopolitical tensions with economic uncertainties as a safe haven for investors, and decline as economic conditions stabilize or improve as investors prefer other assets and their appetite for risk increases.

The world’s top 10

The United States of America ranked first in the world in the ranking of countries with the highest reserves of gold with a share of 8133.5 tons, representing 78.1% of its total reserves, by the end of June, followed by Germany with 3,359.1 tons, or 74.9% of the country’s reserves.

While Italy came third with 2451.8 tons, which constitutes 68.8% of foreign reserves, ahead of France, which owns 2436.3 tons of the yellow metal, or 64.9% of reserves, and Russia, which has 2292.3 tons, representing 22% of reserves.

China ranked sixth in the world, with 1948.3 tons, representing 3.3% of the total foreign reserves of the Chinese Central Bank, then Switzerland with 1,040 tons of the precious metal, accounting for 5.6% of reserves, and Japan with 846 tons of gold, representing 3.5% of reserves.

India ranks ninth in the world with a share of 705.6 tons of gold, according to available data for May, which represents 6.5% of reserves, and the Netherlands ranks tenth with 612.5 tons, which constitutes 67.1% of its foreign reserves.

Central banks around the world bought 333 tons of gold during the first half of this year, which is 39% higher than the average of what was bought by central banks during the first half of the past five years.

Highlights of the analysis

The volume of foreign reserves at the Saudi Central Bank “SAMA” has decreased by about 1.7% since the beginning of this year to reach 1.67 trillion riyals (446 billion dollars) at the end of last June, compared to 1.7 trillion riyals (453.6 billion dollars) at the end of last year, according to the bulletin. The bank’s statistical monthly, while the governor of the Central Bank, Fahd Al-Mubarak, explained to Reuters that the reason for the decline is the time gap between import payments and export income.

Saudi Arabia – the largest oil exporter in the world – faced during the past year a major economic crisis with the decline in oil prices and the repercussions of Covid-19, as the reserves played an important role in supporting the economy.

Despite the huge economic crisis that Lebanon suffers from, it possesses the second largest stock of gold in the Arab world, and Lebanon’s foreign exchange reserves have taken a downward path during the first six months of this year, with a decline of 18.4% to reach $15.2 billion at the end of June. June, compared to $18.6 billion at the end of 2020.

The following is the arrangement of the largest gold reserves in 10 Arab countries:

1. Saudi Arabia

The volume of gold reserves: 323.1 tons

Percentage of foreign reserves: 4.1%

2. Lebanon

The volume of gold reserves: 286.8 tons

Percentage of foreign reserves: 43.3%

3. Algeria

The volume of gold reserves: 173.6 tons

Percentage of foreign reserves: 18.2%

4. Libya

The volume of gold reserves: 116.6 tons

Percentage of foreign reserves: 8.5%

5. Iraq

The volume of gold reserves: 96.3 tons

Percentage of foreign reserves: 9.4%

6. Egypt

The volume of gold reserves: 80.6 tons

Percentage of foreign reserves: 11.9%

7. Kuwait

Volume of gold reserves: 79 tons

Percentage of foreign reserves: 9.3%

8. Qatar

The volume of gold reserves: 59.8 tons

Percentage of foreign reserves: 6%

9. Jordan

The volume of gold reserves: 56.9 tons

Percentage of foreign reserves: 19.4%

10. Emirates

The volume of gold reserves: 55.3 tons

Percentage of foreign reserves: 2.9%

 
For Latest Updates Follow us on Google News
 

PREV Who is Lieutenant-General Osama Askar, who was appointed by Sisi as the new chief of staff of the armed forces?
NEXT Mansour Abbas has revealed secret talks with Kish; the Likud has left in a rage