The World Gold Council announced that the Central Bank of Egypt purchased 44 tons of gold last February, placing it as the largest buyer of the yellow metal among global central banks in the first quarter of this year.
The volume of gold at the Central Bank increased by 54% to reach 125 tons by the end of February, or 19% of the total foreign currency reserves, which is the highest among the countries in the region, according to a recent report obtained by Amwal Al Ghad.
The report indicated that Egypt is working to increase domestic gold production in the long term through the Sukari mine and others, but the decline in the foreign exchange component within the reserves may mean that the country has resorted to international markets to buy quantities of gold.
The Central Bank of Egypt announced a rise Listed gold value The foreign exchange reserves during February 2022 amounted to regarding 2.703 billion dollars, to reach 6.907 billion dollars, compared to 4.204 billion dollars at the end of January 2022, while the value of the listed foreign currencies declined to 31.585 billion dollars, compared to 34.141 billion dollars, and the balance of special drawing rights recorded 2.508 billion dollars once morest $2.2642 billion at the end of January 2022.
The World Gold Council report indicated that central banks around the world boosted their reserves by 84 tons in the first quarter of the year, doubling the purchase quantities from the previous quarter, but these quantities decreased by 29% from the same quarter of 2021.
The evolution of the volume of gold purchases by global central banks
The technology sector recorded a demand for gold by 81.7 tons, at the highest level for the first quarter since 2018, driven by the rise in the use of the precious metal in the field of electronics.
The report noted that jewelry consumption around the world lost its momentum in the first quarter, recording a decline of 4% year on year at 517.8 tons, and the decline was largely attributed to weak demand in China and India.
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