Iraq's central bank accumulates 52 tonnes of gold in three years

Shafaq News/ Iraq's central bank has expanded its gold reserves, purchasing approximately 52 tonnes of the precious metal over the past three years, according to the World Gold Council.

The country's gold holdings have seen a steady increase, with 33.9 tonnes acquired in 2022 alone, followed by 12.3 tonnes in 2023, and 5.7 tonnes so far this year.

The central bank's move to bolster its gold reserves aligns with a global trend among central banks seeking to diversify their foreign exchange reserves and mitigate economic risks.

In the first half of 2024, central banks purchased 483 tonnes of gold, setting a new record.

Most of the world’s gold is held by central banks, which maintain these reserves due to their safety, liquidity, and return characteristics. These institutions hold approximately one-fifth of all the gold mined throughout history.

In 2024, gold prices have surged almost 20%, driven by significant central bank purchases, robust consumer demand in China, and increased interest in safe-haven assets due to geopolitical uncertainties.