Investing

Central Bank gold reserves now valued at over €700 million

Bank has steadily increased its holdings of the precious metal, which is seen as a reliable investment in times of uncertainty

The amount of gold bought by central banks rose by 152 per cent year-on-year to over 1,100 tonnes, according to the World Gold Council. Picture: Getty

The total value of the Central Bank’s gold reserves has topped €700 million as reserve managers around the globe load up on the highly liquid asset amid geopolitical tensions and economic uncertainty.

The most recent figures, released in a parliamentary question to Social Democrats co-leader Catherine Murphy, show the regulatory authority now holds more than 12 tonnes of gold at a market value of almost €704 million.

Ireland’s Central Bank has in recent years steadily ...