by Bloomberg This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 29 September 2010

RESERVE INCREASE: Saudi Arabian gold reserves increased because of a 'difference in accounting,' and not new gold purchases. (Getty Images)

Gold reserves in Saudi Arabia, the Arab world’s biggest economy, increased because of “a difference in accounting,” not new gold purchases, central bank governor Muhammad al Jasser said in Kuwait today.

Speaking to reporters, he said: “We always had that gold. We did not buy any new gold. It was just a difference in accounting. There was some gold in other accounts.”

The gold reserve estimate as part of the foreign reserves of the world’s largest oil supplier more than doubled in June, according to data on the website of the World Gold Council.

The Saudi Arabian Monetary Agency’s gold holdings increased to 322.9 tons, up from the 143 tons reported in March, according to the WGC, which tracks global gold bullion holdings.

Saudi Arabia is among the 20 largest holders of gold reserves in the world, according to the WGC.

http://www.arabianbusiness.com/598129-saudi-gold-reserves-rose-on-accounting---jasser