Iraq’s central bank has significantly bolstered its gold reserves, purchasing around 52 tonnes of the precious metal over the past three years, according to a report from the World Gold Council. This steady accumulation reflects a broader global trend of central banks diversifying their foreign exchange reserves to mitigate economic risks.

The largest acquisition occurred in 2022, when Iraq added 33.9 tonnes of gold to its holdings. This was followed by purchases of 12.3 tonnes in 2023 and 5.7 tonnes so far in 2024.

Globally, central banks purchased a record 483 tonnes of gold in the first half of 2024 alone, highlighting the increasing demand for gold as a safe-haven asset amid geopolitical uncertainties and economic volatility.

Gold has seen a surge in value, with prices rising by nearly 20% in 2024. This spike has been fueled by central bank purchases, strong consumer demand in China, and growing investor interest in secure assets. Central banks collectively hold about one-fifth of all the gold ever mined, underscoring the metal’s enduring appeal due to its safety, liquidity, and return characteristics.