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UAE increases gold reserves with growth set to continue

B8KRCP The Bank of England underground Gold Vaults in London Stacks of Gold Bars are taken into storage Gold bars are taken into storage at the Bank of England;central banks around the world are increasing reserves David Levenson/Alamy via Reuters Connect
Gold bars are taken into storage at the Bank of England; central banks around the world are increasing reserves
  • UAE’s reserves reach AED20bn
  • Increased from AED1.1bn in 2018
  • Global trend towards gold reserves

The UAE’s gold reserves reached almost AED20 billion ($5.5 billion) at the end of March, rising 12.6 percent year on year, with expectations that the growth will continue into the rest of the year.

The Central Bank of the UAE (CBUAE) said the Gulf state’s reserves of the precious metal have risen considerably over the last few years, rising from AED1.1 billion in 2018.

The UAE’s increased reserves is part of a global trend. The World Gold Council (WGC) reported that last year central banks added 1,037 tonnes of gold to their reserves. This was the second highest annual purchase in history, following a record high of 1,082 tonnes in 2022.



The Council said “an increasingly complex geopolitical and financial environment is making gold reserves management more relevant than ever.”

As part of its annual survey of central banks, carried out between February and April 2024, the WGC found that 29 percent of respondents said they intend to increase their gold reserves over the next 12 months.

The Council did not state whether the UAE central bank, or other Gulf states, were part of the survey.

Gold is often seen as a “safe haven” investment and the value of the metal has been rising considerably in recent months.

Prices edged up on Wednesday, up 0.1 percent to $2,330.27 per ounce as of 11:56 GMT. 

Ricardo Evangelista, senior analyst at ActivTrades, said prices are likely to remain stable. 

“Market expectations point to at least one rate cut from the Fed. That scenario has been fully priced in the value of the dollar. Government purchases [of gold] remain stable as well.

“Unless there is any significant change in this scenario, prices are expected to remain supported above the $2,300 level,” he told Reuters.

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