Pexels/Hisham Zayadneh
Jordan region’s most active gold trader
Prices up 13% in 2025
Saudi Arabia holds Mena’s most gold
Middle Eastern states are upping their trade in gold as price shifts create opportunity.
Qatar, Egypt and Jordan have all bought sizeable amounts of gold in recent months, according to data from the World Gold Council and official announcements.
Qatar and Egypt increased their holdings by 1.2 and 0.5 tonnes respectively, March data from the WGC shows, while Jordan announced this week that it has bought close to half a tonne, worth around $45 million.
As of March 13, gold was trading at more than $95 million per tonne.
Jordan is the most active buyer and seller in the region’s gold trade, buying or selling reserves almost every month, according to the data.
The Central Bank of Jordan previously offloaded 1.2 tonnes of gold in December 2024, and another 3 tonnes in January in a series of trades worth approximately $400 million at current prices.
The country also holds the highest percentage of its foreign reserves in gold: roughly 28 percent.
Despite being among the region’s most active countries, Jordan’s gold reserves, at around 69 tonnes, are dwarfed by others.
Saudi Arabia holds roughly 323 tonnes of gold, the most in the region, according to the third-quarter 2024 report from the WGC.
Algeria’s reserves are the second highest at 174 tonnes. Iraq registers third at 162 tonnes, while Libya holds roughly 147 tonnes, the region’s fifth-largest reserve.
Despite being active in the consumer trade, the UAE holds stock of just 75 tonnes of gold.
Middle East central banks have taken profits in recent weeks in the gold market as they seek to cash in on the 13 percent year-to-date rise in gold prices – a trend that analysts expect to continue.
“We continue to hold a bullish outlook towards gold prices, with gold continuing to benefit from US policy uncertainty, trade tensions, military conflicts around the world, inflation worries and macro uncertainty,” BMI, a commodities research and data house, said in a research note.
“Like central banks worldwide, the Central Bank of Jordan engages in controlled gold trading, selling limited amounts when global prices rise and repurchasing when prices decline,” Raad Mahmoud Al Tal, head of the economic department at the University of Jordan, wrote in the Jordan Times.
