By: Mahmoud Gamal
Abu Dhabi - Mubasher: The Central Bank of the UAE posted a rise in its gold reserves by 4.42% or AED 47 million month-on-month in February 2017, according to official data released by the central bank.
Gold reserves reached AED 1.109 billion in February, compared to AED 1.062 billion in January.
Increasing UAE gold reserves will strengthen the economy against fluctuations expected early this year, in line with the near activation of Britain’s exit from the European Union, commodities analyst Mahmoud Abdullah told Mubasher.
Unclear policies of US President Donald Trump and increased fears over protectionism among major countries push GCC countries to increase their gold reserves, Abdullah noted.
Translated by: Julian Nabil
