A recent report by the World Gold Council revealed that Saudi Arabia ranks 16th in the world and the first in terms of reserves of gold by 322.9 tons, equivalent to only 3% of the country’s reserves.
Lebanon ranked second in the Arab world and eighth in the world with 286.8 tons, “22% of the foreign reserves”, and Algeria with 173.6 tons equivalent to 6% of the total reserves.
The report pointed out that Libya ranks 31st in the world with 116.6 tons, Iraq with 89.8 tons and Kuwait with 79 tons.
Gold prices were up 7.9% in the first half of this year.
