10 Arab Countries with the Largest Gold Reserves in 2024, Value Reaching IDR 398.5 Trillion
Who currently holds the most gold reserves? take a peek at the list of 10 Arab countries with the largest gold reserves. Photo/Doc
JAKARTA - When the price of gold soared to its best record of above USD 2,500 per ounce, this affected the value of gold reserves in Arab countries. So are the holders of the largest gold reserves ready now? take a peek at the list of 10 Arab countries with the largest gold reserves.
Precious metals, especially gold, not only function as safe-heaven assets, but can also act as hedging when world economic conditions become increasingly uncertain amidst heated geopolitics. In early May, a high-ranking International Monetary Fund (IMF) official revealed the role of gold in the potential fragmentation of the global economic and financial order.
In particular, several countries are rethinking their heavy reliance on the US dollar in international transactions and their holdings of foreign exchange reserves. Meanwhile demand for gold has increased because it is seen as a "politically neutral safe asset, which can be kept at home and is safe from sanctions or confiscation," said IMF deputy managing director Gita Gopinath.
Central banks account for a quarter of gold demand in 2022 and 2023, as these institutions buy more than 1,000 tons of gold annually, the World Gold Council said in a recent report.
The trend of increasing demand for gold is occurring globally, including in Arab countries. Qatar occupies the top position among Arab countries in terms of gold purchases from January 2022 to July 2024, according to the latest data from the World Gold Council (WGC).
List of 10 Arab countries with the largest gold reserves:
10. Jordan
Gold Reserves: 70.1 tons
Amount of Gold in Foreign Exchange Reserves: 26.7%
Current Value: USD5.7 billion
9. United Arab Emirates
Gold Reserves: 75 tons
Percentage in Foreign Exchange Reserves: 2.8%
Current Value: USD6.1 billion
8. Kuwait
Gold Reserves: 79 tons
Amount in Foreign Exchange Reserves: 11.1%
Current Value: USD6.4 billion
7. Qatar
Gold Reserves: 106.4 tons
Share in Foreign Exchange Reserves: 15.1%
Current Value: USD8.7 billion
6. Egypt
Gold Reserves: 126.6 tonnes
Percentage in Foreign Exchange Reserves: 21.4%
Current Value: USD10.3 billion
5. Libya
Gold Reserves: 146.7 tons
Amount in Foreign Exchange Reserves: 12.1%
Current Value: USD11.9 billion
4. Iraq
Gold Reserves: 148.3 tons
Share in Foreign Exchange Reserves: 10.2%
Current Value: USD12.1 billion
3. Algeria
Gold Reserves: 173.6 tonnes
Percentage in Foreign Exchange Reserves: 15.5%
Current Value: USD14.1 billion
Algeria ranks third among Arab countries with about 173.6 tonnes of gold, accounting for 15.5% of its reserves.
2. Lebanon
Gold Reserves: 286.8 tonnes
Share in Foreign Exchange Reserves: 59.8%
Current Value: USD23.3 billion
Crisis-hit Lebanon is recorded as having 286.8 tonnes of gold reserves. This figure represents 59.8% of the country's total reserves.
1. Saudi Arabia
Gold Reserves: 323.1 tonnes
Percentage in Foreign Exchange Reserves: 4.9%
Current Value: USD 26.3 billion (equivalent to IDR 398.5 trillion at an exchange rate of IDR 15,152 per USD)
The total gold reserves of the top 10 Arab countries reach around 1,535.6 tons. Saudi Arabia leads Arab countries with about 323.1 tons, representing 4.9% of total central bank reserves.
- Other Arab countries
According to the World Gold Council's, Syria ranks 11th among Arab countries holding 25.8 tons of gold worth a total of USD 2.1 billion. Followed by Morocco, which has 22.1 tons of gold worth USD 1.8 billion, then Tunisia with 6.8 tons worth USD 553.1 million, Oman with 6.7 tons, Bahrain with 4.7 tons, and Yemen with 1.6 tons.
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