Iraq and 4 Arab countries have more than one million tons of global gold reserves, 7 DEC

Iraq and 4 Arab countries have more than one million tons of global gold reserves

Shafaq News / The World Gold Council announced on Thursday that Iraq and 4 Arab countries have more than one million tons of global gold reserves. 

"Iraq, Algeria, Egypt, Lebanon and Saudi Arabia have reached their global gold reserves of one million, 28 thousand and four tons of precious metal," the council said in its latest schedule for the month of December 2023, seen by Shafaq News Agency.

He added that "Iraq maintained its 30th position globally out of 100 countries on the table with the largest gold reserve, as it has not bought gold since May, reaching its holding of gold for 132.7 tons, which represents 7.7% of the rest of its other reserves."

He pointed out that "the United States of America is on the throne of the rest of the countries with the largest gold possession in the world by 8.133.5 thousand tons, followed by Germany with 3.352.6 tons, and then Italy came 2.451.8 thousand tons, while Suriname ranked 99th and 1.5 thousand tons, followed by Papua Guinea with the same amount by 1.5 thousand tons."

The council stated that "Iraq announced on June 27, 2022 the purchase of new quantities of gold by approximately (34) tons, an increase of 35% over what was in its possession, while in May it announced the purchase of 2.3 tons of gold."

The World Gold Council is based in the UK and has extensive experience and deep knowledge of the factors causing the change in the market and its members are made up of the world’s largest and most advanced gold mining companies.