The Central Bank of the UAE's gold reserves surged 38.8 per cent to hit Dh5.62 billion ($1.53 billion) in February from Dh4.04 billion ($1.1 billion) in December last year.

 

Statistics issued by the apex bank showed its reserves of gold grew exponentially since 2015, which is the year when it decided to resume its reserves of gold and foreign currencies, most notably the US dollar and other major currencies.

 

According to the official figures, the value of the gold bullions has been improving over the past two years, hitting Dh1.134 billion and Dh1.25 billion by the end of 2018 and the first half of 2019 respectively. 

 

It jumped to Dh2.7 billion in September 2019, before surging to Dh4.04 billion by the end of same year. -TradeArabia News Service