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UAE gold reserves surge 28% in 2024

By Pramod Kumar
Investor interest in gold in western markets was a result of "significant" inflows into gold-backed exchange-traded funds 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.  

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.

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