Portugal’s gold reserves hit record €21Bn

The value of Portugal’s gold reserves has continued to appreciate without moving the gold an inch.

The Bank of Portugal’s vaults in Carregado (also reserves in the UK, US and France) contain around 382.6 tonnes — one of the largest gold reserves in the world.
According to the latest data for the end of 2022, the value of Portugal’s gold reserves hit €20.986Bn. Portugal’s gold increased in value by €1.189Bn thanks to the increase in the price per ounce of gold in euros because of the strength of the US dollar against the Euro.
The price of gold, which had fallen for three years, bounced back to trade at US$ 2,000 per ounce, having closed last year with an increased valuation of 13.28% to US$2,066,29 per ounce. Since the beginning of this year gold has increased an extra 3.25%.
On Tuesday, the price of gold hit its highest level ever (US$ 2,141.79 per ounce) on the expectation that the Federal Reserve will change strategy but also because of geopolitical risks. In five sessions gold went up by more than US$ 100.
The Bank of Portugal has kept its gold reserves unchanged at 382.6 tonnes for several years even after having reached an agreement in 2019 with central banks, including the European Central Bank, that prevented the sale of gold.
In January 2024 39 tonnes of gold were bought by central banks (double the amount bought in December 2023).
Turkey and China bought the most, buying 12 and 10 tonnes respectively. India, Kazakhstan, Jordan and the Czech Republic also bought gold. Russia, on the other hand, sold part of its reserves.