The Council, in its latest (May) update to the list of largest Gold reserves for 2021, showed that Iraq is 38th on the list, fifth among Arab Countries, with 96.3 tons, equivalent to 8.9% of the world's reserves.

US is still the top dog with 8.133 thousand tons, followed by Germany with 3.362 thousand tons. Surinam came the least on the list with 1.5 tons, preceded by Yemen with 1.6 tons.

Top gold buyers were Japan and Hungary with 80.8 and 63 tons, respectively, followed by a margin by Uzbekistan with eight tons.

Turkey was the top seller with 2.6 tons.

The World Gold Council is the market development organization for the gold industry. It works across all parts of the industry, from gold mining to investment, and their aim is to stimulate and sustain demand for gold.