An economic expert talks about the gold reserve of the Central Bank in London... This is the relationship of its price to the dollar
An economic expert stressed the difficulty of predicting gold prices, specifying “the relationship in gold prices and the dollar.”
Salah Nouri said in a press interview seen by “Taqaddam” that “it is known to economists that the dollar currency and gold represent a reserve for central banks, and among them the Central Bank of Iraq adopts this diversification, and in practical life the relationship between the dollar and gold is an inverse relationship, as whenever there are signs of a decline in the price The dollar in the financial markets tends to invest in gold as a safe haven, and thus the global demand for gold increases and its price rises.”
He stated, “The Central Bank of Iraq owns a good amount of gold and it is stored in London, where the World Gold Council is located. The Central Bank of Iraq depends in determining the value of gold on its price on the London Stock Exchange.”
Nouri pointed out that “it is difficult to predict whether the price of gold will rise or fall because it is linked to the price of the dollar, and the latter is linked to unstable economic and political events in the world.” link
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