The cumulative gold reserves held by African central banks have surged to $91.7 billion, driven by the sharp rally in global gold prices. The price of gold climbed to $3,985 per ounce as of October 10.
The rise in valuations has boosted the value of existing reserves across the continent. Global central banks are also increasing their exposure to the precious metal amid heightened geopolitical and economic uncertainty.
North African countries remain the clear leaders in Africa’s gold reserve rankings, with Algeria topping the list. According to new data from the World Gold Council (WGC), Algeria’s central bank holds 173.56 tonnes of gold, equivalent to $22.2 billion at current market prices.