Abu Dhabi – Mubasher: The Central Bank of the UAE (CBUAE) has raised the value of its gold reserves in August by 2.8% or around AED 32 million, bringing the total value of gold reserves to AED 1.153 billion ($31 million).
Meanwhile, reserves for the eight-month period between January and August grew 13.6% or by around AED 138 million, compared to figures reported in December 2016, data by the CBUAE showed.
The CBUAE’s cover of the precious metal amounted to AED 1.12 billion in July, up from AED 1.10 billion in June.
The growing global and geopolitical tensions have prompted the UAE’s central bank to raise its gold reserves, especially as the yellow metal continues to be a safe haven for various countries and be seen as a means of protection for economies, metals and commodities analyst Mohamed Abdullah told Mubasher.
The CBUAE’s step in forming gold reserves is a positive one in terms of diversifying investments and distributing risks, the analyst added.
In April 2015, the CBUAE decided to resume forming gold reserves and disclosing their data on a monthly basis, after reserves ran out in the second half of 2007.
