What's Hot

    Italian football league Lega Serie A opens office in Abu Dhabi

    March 11, 2023

    Global climate action will be supported by Egypt and UAE at COP28

    March 10, 2023

    Vatican to return three Parthenon sculptures to Greece

    March 9, 2023
    Facebook Twitter Instagram
    New MadagascarNew Madagascar
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • More
      • Sports
      • Technology
      • Travel
    New MadagascarNew Madagascar
    Home » CBUAE sells gold for first time in three years
    Business

    CBUAE sells gold for first time in three years

    March 27, 2021
    Facebook Twitter Pinterest Reddit Telegram LinkedIn Tumblr VKontakte WhatsApp Email
    For the first time in three years, the Central Bank of the UAE sold gold bullions worth AED1.7 billion in January 2021, bringing its gold reserve down to AED11.17 billion from a record high of AED12.86 billion in December 2020. The move came to capitalize on the near-record prices hit by the precious metal in world markets, in a bid to soften the impact of global economic challenges.
    CBUAE sells gold for first time in three years
    Statistics issued by the apex bank showed that its reserves of gold grew exponentially since 2015, which is the year when it decided to resume its reserves of gold and foreign currencies, most notably the US dollar and other major currencies. According to the financial regulator’s figures, the value of the gold bullions reached AED10.7 billion in November 2020 before hitting a record AED12.86 billion the following month.
    Surging coronavirus cases around the world kept gold prices supported as the precious metal is used as a safe investment during times of political and financial uncertainty. In 2015, the UAE decided to resume its reserves of gold and foreign currencies, after it dropped out from the World Gold Council’s list of gold reserves at world banks, and since then the value of the yellow metal increased consistently.
    Share. Facebook Twitter Pinterest LinkedIn Reddit Email

    Related Posts

    Dollar slips as investors await Powell testimony

    March 6, 2023

    UAE, Egypt, Jordan, and Bahrain sign $2 billion in industrial deals

    February 27, 2023

    Winter storm shuts down parts of the northern U.S.

    February 22, 2023

    Aid for solar, wind industries sought by German economy minister

    February 22, 2023
    Latest News

    Italian football league Lega Serie A opens office in Abu Dhabi

    March 11, 2023

    Global climate action will be supported by Egypt and UAE at COP28

    March 10, 2023

    Vatican to return three Parthenon sculptures to Greece

    March 9, 2023

    UK government denies that the expulsion of asylum seekers is illegal

    March 9, 2023
    © 2021 New Madagascar | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.