In March this year, the price of Gold reached $2,069.25 an ounce, a figure very close to the all-time high it reached in early August 2020.
According to financial experts, geopolitical tension caused by the Russian-Ukraine war is sinking the world’s big stock markets leaving investors to run towards what they perceive as safe-haven assets such as the dollar, gold, or bonds.
Generally speaking, when inflation starts to rise, governments will buy large amounts of gold as a countermeasure. In 2020, central banks worldwide bought 272.9 tonnes of gold, according to data reported by the World Gold Council (WGC) data.
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Here are the top 10 African countries with the largest gold holdings in 2021, according to Statista
- Algeria 174 metric tons
- South Africa – 125 metric tons
- Libya – 117 metric tons
- Egypt – 80.73 metric tons
- Morocco – 22.12 metric tons
- Nigeria – 21.37 metric tons
- Mauritius – 12.44 metric tons
- Ghana – 8.74 metric tons
- Tunisia – 6.84 metric tons
- Mozambique – 3.94 metric tons
Source:
Club of Mozambique
