Economy UAE gold reserves surge 28% in 2024 By Pramod Kumar December 20, 2024, 10:15 AM Wam Investor interest in gold in western markets was a result of "significant" inflows into gold-backed exchange-traded funds The UAE central bank’s gold reserves rose by 5.3 percent month on month to AED23.2 billion ($6.3 billion) by the end of the third quarter of 2024. Year-to-date, the reserves surged by 28 percent, or over AED5 billion from AED18.2 billion at the close of 2023, the UAE state-run Wam news agency reported, citing the central bank’s monthly statistical bulletin for September. In October, Andrew Naylor, head of Middle East and public policy at the World Gold Council, said investor interest in gold in western markets was a result of “significant” inflows into gold-backed exchange-traded funds, which he said served as an indicator of investor sentiment. Net international reserves within the banking sector rose AED1.32 trillion at the end of September, compared to AED1.31 trillion in August. Diwali gold buyers change their approach as prices rise UAE agrees to review India’s precious metal export concerns Saudi Arabia awards new gold exploration licence From January to September, the value of cash withdrawals reached AED151.9 billion, while cash deposits with the central bank totalled AED140.8 billion. Demand deposits grew by more than 3 percent to AED1.1 trillion by the end of September, while savings deposits reached AED304.5 billion. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
