Iraq maintains 30th global position in gold reserves

Shafaq News / The UK-based World Gold Council announced on Sunday that Iraq has maintained its 30th global position in terms of holding the largest gold reserves.

It is noteworthy that the Council possesses extensive expertise and in-depth knowledge of market-changing factors, consisting of major gold mining companies worldwide, most of which are highly advanced.

According to the Council's latest table updated for this January, Iraq has retained its 30th rank out of 100 countries listed in the table for the largest gold reserves, totaling 132.7 tons, representing 7.7% of its overall reserves.

The table reveals that Iraq stands fourth among Arab countries, following Saudi Arabia, which ranks first regionally with the largest gold reserve at 323.1 tons, followed by Lebanon with 286.8 tons, and Algeria with 173.6 tons.

The United States leads the global ranking in gold possession with 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, and Italy with 2,451.8 thousand tons. Bosnia and Herzegovina rank 99th with 1.5 thousand tons, followed by Suriname with the same quantity of 1.5 thousand tons.

Furthermore, the Council noted that Iraq had announced the purchase of new gold quantities of around 34 tons on June 27, 2022, marking a 35% increase in its possession compared to the previous reserves. Additionally, in May, Iraq had declared the purchase of 2.3 tons of gold.