The UAE Central Bank’s gold reserves rose by 5.3% month-on-month, reaching AED 23.2 billion ($6.3 billion) by the close of the third quarter of 2024. This marks a notable 28% increase year-to-date, reflecting a growth of more than AED 5 billion from AED 18.2 billion at the end of 2023, according to the Central Bank’s September statistical bulletin.
The surge in reserves comes amid a broader trend of increased investor interest in gold. Andrew Naylor, head of Middle East and public policy at the World Gold Council, pointed to substantial inflows into gold-backed exchange-traded funds (ETFs) in Western markets as a sign of shifting investor sentiment.
In addition to gold reserves, the UAE’s net international reserves in the banking sector climbed to AED 1.32 trillion by the end of September, up from AED 1.31 trillion in August. Over the first nine months of the year, cash withdrawals from the central bank totaled AED 151.9 billion, while deposits amounted to AED 140.8 billion.
The value of demand deposits grew by more than 3%, reaching AED 1.1 trillion by the end of September, while savings deposits increased to AED 304.5 billion.
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