CBUAE’s gold reserves reach Dhs20.36b by end of April ’24

The value of gold reserves of the Central Bank of the UAE (CBUAE) reached Dhs20.36 billion by the end of April 2024, marking a year-on-year (YoY) growth of around 12 per cent from Dhs18.147 billion in April 2023.

The apex bank, in its latest figures released on Monday, showed that gold reserves increased by 3.5 per cent on a monthly basis from Dhs19.615 billion in March 2024.

The value of gold reserves of the Central Bank of the UAE reached Dhs19.615 billion by the end of March 2024, marking a year-on-year (YoY) growth of 12.6 per cent from Dhs17.41 billion in March 2023.

The apex bank figures showed last month that gold reserves increased by 9.8% percent on a monthly basis from Dhs17.86 billion in February 2024.

The UAE’s gold reserves have significantly grown over the past years from Dhs4.044 billion at the end of 2019, and Dhs1.134 billion in 2018.

Separately, gold prices gained on Monday, hovering near a more than one-month high hit last week, aided by hopes for interest rate cuts from the Federal Reserve as traders await for more comments from Fed officials to gauge the timing of those cuts.

Spot Gold rose 0.4% at $2,421 per ounce, as of 1415 GMT. US Gold futures were up 0.2% at $2,426. Spot Gold prices hit a record high of $2,449.89 per ounce on May 20. Fed Chair Jerome Powell is due to speak later in the day. Data sets due this week include US retail sales, industrial output for June and weekly jobless claims.

WAM/ Agencies