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Portugal’s Gold Reserves worth EUR 20,985 billion

Portugal’s Gold Reserves worth EUR 20,985 billion -
Portugal’s Gold Reserves worth EUR 20,985 billion - Portugal Business News

Portugal’s gold reserves are worth EUR 20,985 billion and the country ranks 16th globally in the world’s largest gold reserves.

According to a new report from MoneyLab, Portugal’s gold reserves reached a new historical high over nine months due to the weakening of the US Dollar and to the strong demand for safe assets.

Last week, the precious metal reached USD 1.939 the ounce and the strong appreciation of the price of gold is expected to accelerate. Data from Banco de Portugal shows that the value of gold appreciated by 6% between the end of 2021 when the reserves were worth EUR 19,796 billion and the end of 2022 when they were worth EUR 20,985 billion. Furthermore, analysts from the Bank of America are forecasting that the price of gold will reach U$ 2.000 an ounce in the coming months.

The countries with the largest gold reserves in tons are the US with 8,133 tons, Germany with 3,359 tons, Italy with 2,452 tons and France with 2,436 tons, as at the end of December 2021.

According to the World Gold Council, Portugal holds 382,6 tons of gold. The MoneyLab report states that Portugal’s gold reserves remain unchanged since the end of 2019, since the agreement between the European central banks prevents the sale of gold.


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