Iraq maintains 30th global position in gold reserves
Shafaq Nes / The World Gold Council announced on Thursday that Iraq has retained its 30th position globally in terms of the largest gold reserves. According to the Council's latest table for November 2023, Iraq has maintained its 30th position out of 100 countries listed, with the largest gold reserve. The country has not made any gold purchases since May, resulting in a total gold holding of 132.7 tons, constituting 7.6% of its overall reserves.
Iraq ranks fourth in the Arab world in terms of gold reserves, following Saudi Arabia with 323.1 tons, Lebanon with 286.8 tons, and Algeria with 173.6 tons. Egypt is in the fifth position with 125.9 tons. The United States leads the world with 8,133.5 tons of gold, followed by Germany with 3,352.6 tons, and Italy with 2,451.8 tons. Bosnia and Herzegovina rank 99th with 1.5 tons, followed by Suriname with the same quantity.
Financial expert Mohamed Al-Hassani stated that countries, including Iraq, aim to diversify their portfolios with currencies and gold to minimize risks and sudden fluctuations caused by crises or currency devaluation. Gold serves as a hedge, providing monetary stability. However, countries do not heavily rely on gold in their investment portfolios due to its heavyweight and the slower buying and selling processes compared to other currencies. Rich countries tend to maintain relatively stable gold reserves without continuous buying and selling operations, as seen in the cases of the United States, Germany, and the United Kingdom.
Iraq had previously announced the purchase of new quantities of gold, approximately 34 tons, on June 27, 2022, marking a 35% increase from its previous holdings. Additionally, in May, Iraq revealed the purchase of 2.3 tons of gold.
It's worth mentioning that the World Gold Council, headquartered in the United Kingdom, possesses extensive expertise and deep knowledge of market-changing factors. Its members include the world's largest gold mining companies.
