The UAE Central Bank’s gold reserves grew by 5.3% month-on-month reaching AED 23.2 billion ($6.3 billion) by the end of Q3 2024. Year-to-date reserves have surged by 28%, up AED 5 billion from AED 18.2 billion at the end of 2023.

The increase is partly driven by strong investor interest in gold, especially through gold-backed exchange-traded funds. Meanwhile, net international reserves rose to AED 1.32 trillion in September and demand deposits grew by over 3%, reaching AED 1.1 trillion.