IRAQ BOOSTS GOLD RESERVES TO OVER 145 TONS
Data from the World Gold Council reveals that Iraq purchased a total of 51.9 tons of gold between 2022 and September of this year.
ERBIL (Kurdistan24) - Iraq has significantly increased its gold reserves over the past three years, acquiring approximately 52 tons of the precious metal. The majority of these purchases occurred in 2022, accounting for 65% of the total acquired gold.
Data from the World Gold Council reveals that Iraq purchased a total of 51.9 tons of gold between 2022 and September of this year.
The breakdown shows a significant purchase of 33.9 tons in 2022, followed by 12.3 tons in 2023, and 5.7 tons so far this year. Notably, there were substantial purchases of 3.1 tons in February and 2.6 tons in May of this year.
This strategic accumulation of gold aligns with a global trend among central banks seeking to diversify their reserves and hedge against economic uncertainties.
Gold Prices in Iraq Soar
The increased demand for gold has also driven up its price in Iraq across all carats. Currently, one gram of gold is priced as follows:
- 24 carat gold: 108.652 dinars (equivalent to 83 US dollars – based on the official exchange rate by the Iraqi government.)
- 22 carat gold: 99.598 dinars (equivalent to 76 US dollars – based on the official exchange rate by the Iraqi government.)
- 21 carat gold: 95.071 dinars (equivalent to 72 US dollars – based on the official exchange rate by the Iraqi government.)
- 18 carat gold: 81.489 dinars (equivalent to 62 US dollars – based on the official exchange rate by the Iraqi government.)
Iraq's Global Ranking
According to the World Gold Council's latest data for June, Iraq's gold reserves have now reached 145.7 tons, a notable increase from 142.6 tons in May.
This increase has solidified Iraq's position as a significant holder of gold reserves globally. While the country has dropped one place to 31st in the World Gold Council's ranking of the 100 countries with the largest gold reserves, its holdings represent a substantial 9.8% of its total reserves.
This strategic accumulation of gold aligns with a global trend among central banks seeking to diversify their reserves and hedge against economic uncertainties.
Gold Prices in Iraq Soar
The increased demand for gold has also driven up its price in Iraq across all carats. Currently, one gram of gold is priced as follows:
- 24 carat gold: 108.652 dinars (equivalent to 83 US dollars – based on the official exchange rate by the Iraqi government.)
- 22 carat gold: 99.598 dinars (equivalent to 76 US dollars – based on the official exchange rate by the Iraqi government.)
- 21 carat gold: 95.071 dinars (equivalent to 72 US dollars – based on the official exchange rate by the Iraqi government.)
- 18 carat gold: 81.489 dinars (equivalent to 62 US dollars – based on the official exchange rate by the Iraqi government.)
Iraq's Global Ranking
According to the World Gold Council's latest data for June, Iraq's gold reserves have now reached 145.7 tons, a notable increase from 142.6 tons in May.
This increase has solidified Iraq's position as a significant holder of gold reserves globally. While the country has dropped one place to 31st in the World Gold Council's ranking of the 100 countries with the largest gold reserves, its holdings represent a substantial 9.8% of its total reserves.
The United States, Germany, and Italy continue to hold the top three positions in terms of gold reserves, while Suriname ranks at the bottom of the list.
@ Newshounds News™
Source: Kurdistan24
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