The price of gold reached $2,069.25 an ounce in March of this year, which is extremely close to the all-time high it attained in early August 2020.
According to financial experts, the world’s major stock markets are dropping due to geopolitical tensions induced by the Russian-Ukraine conflict, prompting investors to seek safe-haven assets such as the dollar, gold, and bonds.
In general, governments will buy huge amounts of gold as a countermeasure when inflation begins to grow. According to data from the World Gold Council (WGC), central banks around the world bought 272.9 tonnes of gold in 2020.
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