A big jump in the Central Bank of Gold balance

The Central Bank of the Emirates continued to raise the value of its gold holdings to a new record level at the end of June 2020, reaching 6.58 billion dirhams, an increase of 6.3% compared to December 2019.

The bank’s move coincides with the continuous record price jumps achieved by the price of the yellow metal, since The beginning of this year, which pushed the price of an ounce to cross the $ 2000 barrier in the global spot market for gold.

Central Bank statistics showed that its balance of gold bullion increased by 148 million dirhams during June 2020, compared with May of the same year, while the value of the increase since the beginning of this year amounted to 2.536 billion dirhams and about 5.333 billion dirhams at the annual level.

The index of the movement of the value of the cumulative balance of the UAE Central Bank of gold shows a continuous increase since the beginning of this year, as it rose to 5.951 billion dirhams in the first quarter of the year and then continued its upward path, reaching the level of 6.377 billion dirhams in April, before it jumped to 6.432 billion dirhams in April. May of the same year, and closed after that at the new balance recorded last June

 

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Stories under this byline are written/directed/published by the staff and editorial board of MegaloPreneur magazine. Some of the MegaloPreneur journalists may also be involved in investigating and finding facts.

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