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Qatar's gold reserves reach record-high value of USD8.42B in first half of 2024
(MENAFN) As of the end of July, Qatar's Gold reserves reached a record-high value of QR30.7 billion, marking the highest level ever recorded and constituting 16 percent of the Gulf state's total official reserves, according to data released by the Qatar Central bank (QCB). This significant increase underscores the growing importance of gold in the country’s reserve strategy.
The surge in gold reserves was particularly notable over the past year, with a sharp rise of approximately QR7.276 billion by the end of May 2024 compared to the same month in 2023, bringing the total to QR28.327 billion. Additionally, the QCB's data highlighted a year-over-year increase of 3.96 percent in foreign currency reserves and liquidity, which reached QR249.165 billion (USD68.4 billion) in May 2024, up from QR239.664 billion in the same period the previous year.
Despite this growth in reserves, the price of gold in the Qatari market experienced a slight decline last week, with QNB reporting a 0.25 percent decrease, bringing the price to USD2,502.64 per ounce. This decline mirrors global trends, where the price of gold in spot transactions dropped by 0.3 percent to approximately USD2,315.34 per ounce, and US gold futures fell by 0.6 percent to USD2,328.60, following a significant rise of USD38.90 last Tuesday, which had closed at USD2,467.80 per ounce.
Financial market experts and economic analysts anticipate that gold prices will continue to face downward pressure in the near future. This outlook is influenced by the market's anticipation of critical US economic data, which could impact future fiscal policy decisions, thereby contributing to the recent fluctuations in gold prices.
The surge in gold reserves was particularly notable over the past year, with a sharp rise of approximately QR7.276 billion by the end of May 2024 compared to the same month in 2023, bringing the total to QR28.327 billion. Additionally, the QCB's data highlighted a year-over-year increase of 3.96 percent in foreign currency reserves and liquidity, which reached QR249.165 billion (USD68.4 billion) in May 2024, up from QR239.664 billion in the same period the previous year.
Despite this growth in reserves, the price of gold in the Qatari market experienced a slight decline last week, with QNB reporting a 0.25 percent decrease, bringing the price to USD2,502.64 per ounce. This decline mirrors global trends, where the price of gold in spot transactions dropped by 0.3 percent to approximately USD2,315.34 per ounce, and US gold futures fell by 0.6 percent to USD2,328.60, following a significant rise of USD38.90 last Tuesday, which had closed at USD2,467.80 per ounce.
Financial market experts and economic analysts anticipate that gold prices will continue to face downward pressure in the near future. This outlook is influenced by the market's anticipation of critical US economic data, which could impact future fiscal policy decisions, thereby contributing to the recent fluctuations in gold prices.
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