Gold Reserves Jump: Iraq Exceeds 150 Tons of ‘Cash Gold’
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Tuesday, a jump in Iraq’s gold reserves after it exceeded 150 tons of gold.
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Saleh told {Euphrates News} that: “The monetary gold in Iraq’s foreign reserves constitutes a percentage that may not exceed 10% to 11% of the total investment portfolio management of those reserves.”
He added, “This percentage is usually determined by the standard guidelines issued by the International Monetary Fund on how to manage the optimal sovereign investment portfolios according to risk management and their distribution between liquid and semi-liquid assets and official monetary gold.
” Saleh explained, “The latest information indicated that our country’s balance of official monetary gold may have exceeded the barrier of 150 tons of pure gold.”
Gold prices rose slightly on Tuesday, but remained hovering around the lowest level in a month, while investors await US economic data and comments from Federal Reserve officials for more clarity on the path of interest rates.
Spot gold rose 0.2% to $2,624.17 per ounce after recording its lowest level since October 10 on Monday. U.S. gold futures gained 0.5 percent to $2,630.10.
The dollar held near a four-month high as bets on President-elect Donald Trump’s policies continued to weigh. A stronger dollar makes gold less attractive to holders of other currencies.
Among other precious metals, spot silver was little changed at $30.70 an ounce. Platinum fell about 0.2 percent to $962.80, while palladium was steady at $980.34.
Raghad
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