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Gold stocks in the Arab countries.. Which country has the highest percentage?

Dubai, United Arab Emirates– (CNN) In light of the Russian war on Ukraine, which had an impact on the global increase in the precious metal, gold prices in Egypt rose significantly by 8-10% since the outbreak of the war, which caused a weakness In the sales movement, especially among the middle class, which represents the largest percentage of the sales movement, its purchase is concentrated in 21 carat gold works, according to officials of the Federation of Egyptian Industries.

Gold plays an important role in managing the reserves of central banks, as they are the most important owners of the yellow metal, which it holds as a store of value and a guarantee to redeem promises to pay depositors and stockholders or their trading peers or to secure the currency.

According to the World Gold Council, global gold reserves fell by 12 tons in January, continuing to switch between net purchases and sales in recent months. The bulk of the January drop was caused by big selloffs from Kazakhstan (17 tons), while Russia (3 tons), Poland (2 tons), Uzbekistan (1 tons) and Mongolia (1 tons) also saw a decrease in gold reserves in January.

Among the Arab countries, Saudi Arabia ranked first in gold reserves, which amounted to 323 tons, according to data from the World Gold Council, followed by Lebanon, with 286 tons, and Algeria, with reserves of 173.6 tons.

In the infographic above, we show you a look at the ranking of Arab countries according to gold stocks in 2021.

Note: World Gold Reserve data is based on International Financial Statistics released by the International Monetary Fund, to track reported purchases and sales of central banks along with gold as a percentage of their international reserves.

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