Gold reserves Portugal’s gold drop in value

Gold reserves in the Bank of Portugal slumped in value by 26% since January this year, falling by €4 billion.

The nearly 400 tons of gold bars in the bank’s safes are today valued at €11.7 billion as opposed to their previous value of €15.6 billion.

The decline has been accentuated by the North American Federal Reserve announcement that the economic stimulus in the market is stagnant.

At its peak, the price of Portugal’s reserves in September 2011 reached €16.6 billion.

The current value of gold is €947.5 per ounce, although the Bank of Portugal has neither sold nor bought gold since 2006.

Portugal is the country with the largest gold reserves in the world, according to data from the World Gold Council.