UAE Central Bank’s gold reserve soars to Dh1.147b in May

ABU DHABI. The value of the UAE Central Bank’s reserve of gold bars amounted to Dh1.147 billion in May, 1.1 per cent up from Dh1.134 billion, by the end of 2018.

The growth, the highest in five months, comes in line with the recent gold price hike over the past two months to $1400 per ounce following the plummet experienced early last year.

Statistics issued by the 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 figures, the value of the yellow metal bars has been improving since the beginning of this year, rising from Dh1.134 billion in December 2018 to Dh1.143 billion by the end of March 2019, before hitting a five-month high in May.

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.