According to the World Gold Council, Iraq has secured its position as the 7th largest buyer of gold in 2023. Alongside Iraq, Libya and Qatar are also listed among the top 10 Arab countries purchasing gold during this period.
Central banks worldwide acquired a total of 1,037.4 tons of gold in 2023, a slight decline from the 1,081.9 tons recorded in the previous year. Despite the dip, this figure stands as the second-highest annual amount in nearly 55 years.
Leading the group of central banks in gold purchases is the People’s Bank of China, securing the top spot with a total acquisition of 224.88 tons. Poland and Singapore follow, with 130.3 tons and 76.51 tons, respectively. Libya takes the fourth position with 30.1 tons, while the Czech Republic and India secure the fifth and sixth spots with 18.71 tons and 16.22 tons, respectively.
Iraq’s Central Bank (CBI) secured the seventh position, purchasing 12.25 tons of gold in 2023. Qatar, the Philippines, and Kyrgyzstan followed, ranking eighth, ninth, and tenth, with gold acquisitions of 7.44 tons, 7.10 tons, and 6.95 tons, respectively.
The purchase of gold by central banks is often influenced by the precious metal’s role as a safe haven during times of economic and geopolitical uncertainty. Despite the slight decrease in overall gold acquisitions, the substantial volume highlights the ongoing importance of gold in central banks’ reserve strategies.
