Iraq holds gold reserves steady as global buying accelerates

Shafaq News– Baghdad

Iraq kept its gold reserves unchanged at 170.9 tons in January, the World Gold Council (WGC) showed on Wednesday, as global market volatility pushed many countries to increase their holdings.

In its latest monthly update, the WGC estimated that gold accounts for 22.1% of Iraq’s total foreign currency reserves, placing the country fourth in the Arab world behind Saudi Arabia, Lebanon, and Algeria.

Economic analyst Mohammed Al-Hassani told Shafaq News that the stable position reflects a cautious approach by the Central Bank of Iraq, aimed at preserving financial stability and avoiding purchases at elevated price levels.

The strategy allows flexibility for future adjustments if market conditions change, he added, noting that gold remains a key hedge within Iraq’s reserve portfolio despite recent price volatility.