The World Gold Council confirmed on Thursday that Iraq remained the world’s 30th largest gold reserve country.
According to the Council, “Iraq maintained its ranking of 30 globally out of the 100 countries included in the table with the largest gold reserves, as it has not purchased gold since the month of May, bringing its gold possessions to 132.7 tons, which represents 7.6 tons.”% of the rest of its other reserves.
“Iraq ranked fourth in the Arab world in terms of gold reserves, after Saudi Arabia with 323.1 tons, Lebanon with 286.8 tons, and Algeria with 173.6 tons,” he said. Egypt finished sixth.
He went on to say that “the United States of America leads the rest of the countries with the largest possession of gold in the world, with 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Bosnia and Herzegovina ranked 99th with 1.5 tons, followed by Suriname.” The equivalent amount is 1.5 tons.
According to financial analyst Muhammad Al-Hassani, “all countries, including Iraq, are attempting to diversify their basket of currencies and gold as an investment portfolio in order to reduce risks and sudden fluctuations that may occur as a result of crises or currency value declines.” It functions as a hedge and ensures monetary stability.”
“Countries do not rely heavily on gold in their investment portfolios because it is a heavy commodity, unlike other currencies that can be bought and sold quickly,” he noted. As a result, we notice that some affluent countries have gold, but their gold holdings are practically constant, and they do not engage in regular purchasing and selling activities.” America, Germany, and the United Kingdom are still represented.
Iraq declared the acquisition of additional quantities of gold totaling around (34) tons on June 27, 2022, a 35% increase over what it had in possession, whereas in May it disclosed the purchase of 2.3 tons of gold.
It is worth noting that the World Gold Council, situated in the United Kingdom, has significant expertise and profound understanding of the variables affecting market movement, and its members include the world’s top gold mining firms and the most powerful financial institutions.