Abu Dhabi – Mubasher: The UAE’s gold reserves grew 0.6%, or AED 2 million, by the end of February.
Gold reserves in the GCC nation hit AED 1.172 billion in February, from AED 1.710 billion a month earlier, according to recent data released by the Central Bank of the UAE.
Gold reserves increased by AED 38 million during the first three months of 2019, compared to AED 1.134 billion in December 2018.
The UAE’s gold reserves are expected to increase over the course of this year, facing any economic fluctuation, commodities analyst Mohamed Abudullah told Mubasher.
He added that Gulf nations need to raise their gold reserves, as a safe-haven asset, due to the growth of global trade war.
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.
