Iraq leads Arab world in gold purchases, jumps to 7th globally

Shafaq News/ Iraq ranked first among Arab countries and seventh globally in gold purchases in 2024, according to the World Gold Council (WGC).

Council data showed that Iraq led Arab nations in gold acquisitions, purchasing approximately 20.1 tons last year and increasing its total reserves to 152 tons, compared to 12.3 tons in purchases in 2023.

Qatar ranked second with 9.9 tons, followed by the UAE in third place with 1.3 tons, and Egypt in fourth with 0.6 tons.

Globally, Iraq ranked seventh in gold purchases in 2024, following Poland, which led with 90 tons, Turkiye with 75 tons, India with 72 tons, Azerbaijan in fourth, China in fifth, and the Czech Republic in sixth.

In January, the WGC revealed that Iraq, along with four other Arab countries, holds over a thousand tons of the world’s gold reserves. A month later, the council affirmed that the country moved up one position in the global ranking, holding 28th place among the top 100 countries with the largest gold reserves.