List of countries with the largest gold reserves; check where India ranks | Knowledge News

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The International Monetary Fund (IMF) consistently compiles and updates statistics regarding national assets disclosed by different countries. This data serves as a foundation for the World Gold Council, which utilises it to periodically assess and rank the gold reserves held by countries and official organisations.

New Delhi: A gold reserve is the amount of gold a country’s central bank keeps. This gold is a backup to ensure that the bank can pay back depositors or those holding its currency, especially when countries use gold as a basis for money. It also preserves wealth and supports the value of the country’s currency.

The United States holds the largest gold reserves in the world, approximately 8,133 metric tonnes, and has a market valuation of around $628 billion. Roughly 50 per cent of this reserve is housed at the United States Bullion Depository, commonly referred to as Fort Knox, a fortified military installation in Kentucky.

Following the US, Germany ranks second with 3,351 metric tonnes of gold reserves, while Italy comes in third, possessing 2,452 metric tonnes.

In the first half of 2024, central banks collectively acquired 483 tonnes of gold, marking a record high. Turkey emerged as the dominant purchaser, adding 45 tonnes to its reserves, while India followed with a significant acquisition of 37 tonnes.

Meanwhile, China’s gold buying has decelerated, with purchases halted in May and June after an 18-month streak of continuous accumulation. This shift reflects a notable change in China’s approach, considering its previous aggressive strategy of bolstering gold reserves.

List of largest gold reserves in the world

Source: World Gold Council

This chart was updated in August 2024 and shows data that was available at that time. The information comes from the International Monetary Fund’s International Financial Statistics (IFS), as of their August 2024 report, and other sources when needed. Keep in mind that IFS data is updated only every couple of months, so the information reflects gold holdings mostly from June 2024, and for some countries, it might be from May 2024 or earlier. If the World Gold Council finds any movements in gold holdings that weren’t reported to the IMF or spots any mistakes, they’ve made the necessary updates.

Gold Reserve in India

Gold is a significant part of Indian culture, symbolising wealth and status and playing an important role in various rituals. The Reserve Bank of India (RBI) oversees the country’s gold reserves and has been increasing them yearly. The World Gold Council reports that the RBI has added 37 tonnes of gold this year, more than it bought in all 2022 and 2023 combined.

India is one of the largest gold markets in the world, and as people become more affluent, the demand for gold continues to rise. India ranks eighth globally with about 840.76 metric tonnes of gold reserves.

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