Iraq increases its gold holdings by more than three tons, bringing its reserves to more than 145 tons, 14 MAY

  Iraq increases its gold holdings by more than three tons, bringing its reserves to more than 145 tons

Iraq’s gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

This increase indicates Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term.

Gold is a traditional safe haven for investors, especially during periods of economic and geopolitical uncertainty.

This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.

Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after Saudi Arabia, Algeria, and Morocco.

In general, this increase in Iraq's gold reserves is considered a positive indicator of the health and strength of the Iraqi economy.  link