UAE gold reserves rise 28% in 2024

UAE Central Bank Gold Reserves Rise 5.3% in Q3 2024 Amid Strong Investor Interest

Investor demand for gold in Western markets has been fueled by substantial inflows of capital into gold-backed exchange-traded funds (ETFs).

At the end of the third quarter of 2024, the UAE Central Bank’s gold reserves rose 5.3% month-on-month to 23.2 billion dirhams ($6.3 billion).

Year-to-date, the reserves have risen 28 percent, or more than AED5 billion, from AED18.2 billion at the end of 2023, the UAE state-run WAM news agency reported, citing the central bank’s monthly statistics report for September.

In October, Andrew Naylor, head of Middle East and public policy at the World Gold Council, said investor interest in gold in Western markets was the result of “significant” inflows into gold-backed exchange-traded funds, an indicator of investor sentiment.

Net international reserves in the banking sector rose to AED1.32 trillion at the end of September, compared with AED1.31 trillion in August.

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By the end of the third quarter of 2024, the UAE Central Bank’s gold reserves had grown to AED23.2 billion ($6.3 billion), a 5.3% month-over-month rise.

Between January and September, cash deposits with the central bank were AED140.8 billion, while cash receipts totaled AED151.9 billion.

Savings deposits reached AED304.5 billion by the end of September, while demand deposits increased 3% to AED1.1 trillion.