Abu Dhabi – Mubasher: The Central Bank of the UAE (CBUAE) increased its gold reserve by 13.5% to AED 1.152 billion in 2017, compared to AED 1.015 billion a year earlier.
The rise of geopolitical tension propelled the UAE to boost its gold reserve, the commodities analyst Mohammad Abdullah commented, adding gold reserve represents a safe haven for all countries.
The reformation of a gold reserve is a good move for the diversification of investments, Abdullah concluding.
In April 2017, the CBUAE decided to create a gold reserve for the first time since 2007.
