The value of gold reserves held by the Central Bank of the UAE (CBUAE) reached Dhs20.619 billion by the end of May 2024, marking a year-on-year (YoY) growth of 19.7 percent from Dhs17.219 billion in May 2023.

The apex bank, in its Monthly Statistical Bulletin - Banking & Monetary Statistics for May 2024 released today, showed that gold reserves increased by 1.3 percent on a monthly basis from Dhs 20.36 billion in April 2024.

The UAE’s gold reserves have significantly grown over the past years, hitting Dhs12.862 billion by the end of 2020 from Dhs4.44 billion by the end of 2019, and Dhs1.134 billion in 2018