Abu Dhabi – Mubasher: The Central Bank of the UAE (CBUAE) increased its gold reserve by 6.6% to AED 1.72 billion during the first quarter of 2018 versus AED 1.099 billion in the year-ago period.
This increase came hand in hand with the rise of gold prices in the global market, CBUAE said.
Gold reserve recorded AED 1.165 billion in February and AED 1.72 billion in March.
The rise of geopolitical tension propelled the UAE to boost its gold reserve, the commodities analyst Mohammad Abdullah said in February, adding that gold reserves represent a safe haven for all countries.
In April 2015 and for the first time in eight years, the Central Bank of the UAE decided to resume forming gold reserves and reporting their data on a monthly basis, after reserves ran out in the second half of 2007.
