The World Gold Council has announced that Iraq maintained its global position with the largest gold reserves. It represents 7% of the rest of its currencies. The Council said in a statistical published on its website. It says, “Iraq has maintained its fifth position in the Arab world, which came after each of Saudi Arabia, Lebanon, Algeria, and Libya. It indicates the last purchase of Iraq gold was in September from 2018 and by 6.5 tons”. The council also said that Iraq also maintained its 38th position globally with the largest gold reserves among 100 countries included in the international financial statistics of global gold reserves. These reserves amounted to 96.3 tons and represent 7% of the rest of its currencies.
The WGC also pointed out that 5 countries have acquired the world’s largest reserves of gold, including the United States, Germany, Italy, and France. The reserves of these countries amounted to 16,386 tons out of 34,392 tons for 100 countries included in international financial statistics. The United States ranked the first of these reserves with 8.133 tons. The World Gold Council based in the United Kingdom and has extensive experience and knowledge of the factors causing the market change and its members are composed of the largest and most advanced gold mining companies in the world.
It is noteworthy that Gold prices hit a one-week high on Thursday, holding above 1,500 U.S dollars per ounce as investors bought the yellow metal as a safe haven. It is due to contradictory reports on trade talks between the United States and China. The spot gold gained 0.1% to 1506.78 U.S dollars per ounce after hitting a high of 1,516.77 U.S dollars earlier in the session. It is the highest since October 3 when U.S gold futures fell 0.1% to 1,511.80 U.S dollars per ounce. Point to be noted that the New York Times reported, Washington would soon issue licenses allowing some US companies to supply non-sensitive goods to China’s Huawei Technologies.