By: Mahmoud Gamal
Abu Dhabi-Mubasher: The UAE Central Bank raised the value of gold reserves by 7.28% during the second quarter of 2016, according to the bank’s official statistics.
The central bank added gold assets worth AED 79 million in Q2-16, bringing its total reserves to AED 1.164 billion, compared to AED 1.085 billion recorded by the end of March 2015.
Gold reserves rose by 23.83% or AED 224 million in H1-16, compared to AED 940 million by the end of 2015.
The central bank will continue to increase the volume of gold reserves till the end of this year as they are safe-haven assets against volatile global economy, according to Mohammed Edilbi, portfolio manager at Diamond Metal Trading.
Edilbi went on to say that building up gold reserves is a good step towards diversifying investments and reducing risks.
In July, gold reserves accounted for 0.31% of the bank’s total assets which reached AED 364.74 billion, according to Mubasher’s statistics.
Translated by: Julian Nabil
