Saudi Arabia hits gold reserve 1st spot in Arab world

The World Gold Council announced that gold reserves kept in central banks around the world hit 35536.8 tons in March.

Compared to 35571.3 tons hit in January, the world central banks’ gold reserves decreased by 34.5 tons.

According to Russia Today, the USA still ranks No 1 with having 8133.5 tons of the yellow metal reserve in its Federal Reserve, followed by Germany with 3359.1 tons, Italy with 2451.8 tons, France with 2436.4 tons and Russia with 2298.5 tons.

In the Arab World, Saudi Arabia ranks No. 1 with gold reserves at 323.1 tons followed by Lebanon with 286.8 tons and Algeria with 173.6 tons.

It is noteworthy that gold is a safe haven asset which is targeted by many investors as a hedge against inflation.