EconomyBreakingThe GoldBuyThe Arab CountriesCentral Banks
2024-02-03 04:00Font
Shafaq News / The World Gold Council revealed on Saturday that Iraq, Libya and Qatar came in the list of the top 10 most Arab central banks buying gold in 2023, amid the countries continuing to strengthen their reserves of the yellow metal as a safe haven, especially with the current economic and geopolitical crises.
According to that data, global central banks’ net gold purchases last year fell to 1037.4 tonnes, compared to 1081.9 tonnes in 2022, but remains the second highest level in more than 55 years.
The People’s Bank of China topped the list of the most central banks buying gold in 2023, with a volume of 224.88 tons, followed by Poland second with 130.3 tons, followed by Singapore a third with 76.51 tons, followed by Libya fourth by 30.1 tons, followed by Czech Republic fifth with 18.71 tons, followed by India sixth with 16.22 tons.
While Iraq came in the seventh with the most gold-buying bank in 2023, reaching 12.25 tons, followed by Qatar eighth with 7.44 tons, followed by the Philippines ninth with 7.10 tons, followed by Kyrgyzstan tenth with 6.95 tons.
According to the World Gold Council report, global demand for gold, excluding the over-the-counter market, fell to 4,448 tonnes in 2023, from 4,699 tons the year before.
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