2024-02-03T10:00:15+00:00
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/ The World Gold Council revealed, on Saturday, that Iraq, Libya and Qatar were among the top 10 Arab central banks that bought the most gold in 2023, as countries continue to boost their reserves of the yellow metal as a safe haven, especially with the current economic and geopolitical crises.
According to the data, global central banks’ net purchases of gold fell last year to 1,037.4 tons, compared to 1,081.9 tons in 2022, but it is still the second highest level in more than 55 years.
The People’s Bank of China topped the list of central banks buying the most gold in 2023, with a volume of 224.88 tons, followed by Poland in second place with 130.3 tons, followed by Singapore in third place with 76.51 tons, followed by Libya in fourth place with 30.1 tons, followed by the Czech Republic in fifth place with 18.71 tons, followed by India in sixth place with 16.22 tons.
Iraq came in seventh place with the most gold-buying banks in 2023, amounting to 12.25 tons, followed by Qatar in eighth place with 7.44 tons, followed by the Philippines in ninth place with 7.10 tons, followed by Kyrgyzstan in tenth place with 6.95 tons.
According to the World Gold Council report, global demand for gold – excluding the over-the-counter market – declined to 4,448 tons in 2023, compared to 4,699 tons in the previous year.