Saudi Arabia has reportedly doubled the amount of gold that it previously held, the World Gold Council has revealed.
The World Gold Council, an organisation that keeps watch of the world’s gold holdings, has shown that Saudi Arabia’s gold reserves have gone up to 322.9 tons, more than double their previous figure of 143 tons from March last year.
This means that Saudi Arabian Monetary Agency’s (SAMA) gold holdings now make up about 3.5 percent of their $413 billion, in foreign assets, $14 billion. Saudi Arabia now ranks at number 16 in the official world gold holdings table, the table is currently topped by the USA, who have 8,133.5 tons, followed by Germany who have 3,406.8 tons.
Pradeep Unni, a Dubai based analyst told the BBC: “I think that it is a trend for central banks in the Middle East to buy more gold to limit exposure to inflation and instability to currency markets”
This news has come at a time when gold’s actual price is higher than ever. It hit record heights of $1,266.50 per ounce in June.