https://arab.news/rnthc
RIYADH: Gold reserves held by the Central Bank of the UAE increased by 25.9 percent during the first five months of 2025 to reach 28.93 billion dirhams ($7.9 billion).
The regulator鈥檚 statistical bulletin revealed that the UAE鈥檚 gold holdings also edged up on a monthly basis, recording a 0.49 percent rise in May to 28.79 billion dirhams, compared to 28.65 billion dirhams at the end of April, Emirates News Agency reported.
In addition to stronger gold reserves, the bulletin showed that demand deposits grew significantly, surpassing 1.16 trillion dirhams by the end of May. This was an increase from 1.10 trillion dirhams at the end of 2024.
Of the total, 892.57 billion dirhams were held in local currency, while 274.33 billion dirhams were in foreign currencies.
Savings deposits also registered a sharp increase, climbing to 359.57 billion dirhams by the end of May from 317.48 billion dirhams in December. Local currency savings accounted for 305.51 billion dirhams, while the figure for foreign currency stood at 54.06 billion dirhams.
Furthermore, time deposits surpassed the 1 trillion dirham mark for the first time by the end of May. Of this figure, 614.85 billion dirhams were denominated in local currency, while 398.35 billion dirhams were in foreign currencies.
The UAE鈥檚 banking sector continued its steady expansion, with total assets, including bankers鈥� acceptances, rising 0.6 percent in April to 4.75 trillion dirhams.
The increase was driven by resilient credit demand and a surge in non-resident deposits, Emirates News Agency reported.
Across the Gulf, banking performance was mixed. Kuwait posted a 6.7 percent year-on-year rise in assets to 93.5 billion dinars ($303 billion) in March, while 黑料社区 saw a 7.4 percent jump to SR5.3 trillion ($1.41 trillion) in April.
Qatar, however, recorded a marginal 0.1 percent monthly decline in total assets to 2.07 trillion riyals ($559 billion), reflecting weaker domestic holdings.
Global prices
Gold prices edged lower on Thursday after the US Federal Reserve鈥檚 July meeting minutes showed a majority consensus on holding interest rates steady.
Spot gold was down 0.2 percent at $3,340.09 per ounce, as of 11:02 a.m. Saudi time. US gold futures for December delivery also lost 0.2 percent to $3,382.30.
Minutes from the Fed鈥檚 July meeting showed the policymakers who dissented against last month鈥檚 decision to keep interest rates unchanged were alone in advocating for a rate cut.
Non-yielding gold typically performs well in a low interest rate environment.
The Fed has held rates steady since December, although investors still expect an 81 percent chance of a quarter-point cut by September, according to the CME鈥檚 FedWatch tool.
Fed Chair Jerome Powell is expected to speak on Friday at the Aug. 21-23 Jackson Hole symposium, with investors watching whether he backs measures to bolster the labor market or focuses on curbing inflation.