According to the latest statistics from Apex, CBUAE’s current total yellow metal reserves are 12.17 billion AED as of the end of May.
The UAE’s central bank gold reserves have increased by 1.63%, or AED 194 million ($52.8 million), in the first five months of the year.
The total value of the reserve of the yellow metal with the Central Bank of UAE has reached AED12.107 billion by end of May, compared with AED11.913 billion by end of December 2021, according to the apex’s latest statistics.
The reserve of gold grew exponentially to AED8.961 billion by end of 2020 from AED4 billion by end of 2019.
Central banks around the world park a significant part of their reserves in gold, as the yellow metal is considered to be the best bet against economic downturns and inflation.
The price of the yellow metal saw a major bull market during the pandemic, boosting the value of central bank reserves.
