The World Gold Council announced on Wednesday that Iraq continues to hold the 30th position in the world in terms of having the largest reserves of gold.
According to a table published by the Council and viewed by Shafaq News agency, Iraq continues to rank 30th globally out of 100 countries listed for having the largest gold reserves. This is despite their purchase of 2.3 tons of gold in May, which brought their total possession to 132.6 tons. This represents 7.6% of their remaining reserves.
According to him, Iraq has the fourth-largest gold reserves in the Arab world after Saudi Arabia, Lebanon, and Algeria, with Egypt trailing behind.
According to his observation, Poland purchased the largest share of gold among central banks during Q2 of 2023, with a total of 48.41 tons. China followed with 45.10 tons, then the Czech Republic with 6.06 tons, and finally Russia with 3.11 tons. On the other hand, Turkey sold the most gold among central banks during this period, with 132.23 tons, followed by Tunisia with 18.50 tons, and Uzbekistan with 4.04 tons.
Based on the table, the United States of America has the largest possession of gold in the world with 8,133 thousand tons. Germany follows with 3,352 thousand tons, and Italy comes in third with 2,451 thousand tons. Suriname ranks 100th with 1.5 tons, and Bosnia and Herzegovina also has 1.5 tons.
According to financial expert Muhammad al-Hassani, countries, including Iraq, are endeavoring to broaden their range of currencies and gold in order to form an investment portfolio that can mitigate risks and unpredictable fluctuations caused by crises or currency depreciation. This strategy acts as a safeguard and provides monetary stability to the state.
According to him, gold is not a commonly used investment in countries’ portfolios due to its weight, unlike other currencies that can be easily traded. Therefore, although certain wealthy countries may possess gold reserves, they tend to remain constant and do not engage in regular buying and selling operations. Examples of such countries include America, Germany, and the United Kingdom.
In June 27, 2022, Iraq made an announcement about their acquisition of new amounts of gold, which approximately totaled to 34 tons. This is a 35% increase from their previous possession, and in May they had announced their purchase of 2.3 tons of gold. The World Gold Council, based in the UK, is an organization with vast expertise and extensive understanding of the factors that cause market fluctuations. Its members are comprised of the biggest and most prominent gold mining companies in the world.
