Kuwait 6th with 79 tons gold reserve

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KUWAIT CITY, Aug 8: Kuwait ranked sixth among the Arab countries with approximately 79 tons of gold reserve. Recent statistics of the International Gold Council indicated the net purchases of gold by the central banks for April, May and June 2017 was 94.5 tons, indicating 20 percent increase compared to the same period last year.

Saudi Arabia occupied the first place among Arab countries with 322.9 tons, followed by Lebanon with 286.8 tons, and Algeria with 173.6 tons, Libya with 116.6, and Iraq with 89.8 tons, while the United States maintained the first place globally with 8.13 thousand tons as of June 2017.

Gold prices increased 7.9 percent in the first half of 2017 and the central banks of many countries boost their reserve in June 2017.