Top Arab Gold Purchasers Over Two Years

In the wake of rising regional tensions, Arab central banks have doubled down on gold. Prices have skyrocketed 122% since October 7, 2023, hitting $4,067.2 per ounce by November 18, 2025, as per Bloomberg spot prices. Over the same period, the Federal Reserve lowered the federal funds rate from 5.25%-5.5% to 3.75%-4% in October 2025.

- BY HAGAR OMRAN; IMAGE BY Q WORLD / SHUTTERSTOCK.COM

Here are five countries that have led the gold-buying surge in the Arab world since the escalation of the war in Gaza, according to the latest World Gold Council quarterly data.

1. Iraq
Net gold increase: 32.4 tons
Total reserves: 170.9 tons

Iraq, a country that has long suffered from conflicts and regional instability, has emerged as the Arab world's most aggressive gold accumulator since the Gaza war escalated in October 2023, pocketing 32.4 tons, and bringing its gold reserves to 170.9 tons, as of August 2025. According to the WGC, gold now represents 21.6% of the country's foreign reserves, ranking Iraq 29th globally and fourth in the Arab world. The biggest quarterly purchase came in Q4 2024, when the bank added 9.9 tons.

2. Qatar
Net gold increase: 17.9 tons
Total reserves: 116 tons