TOP 10 COUNTRIES WITH THE LARGEST GOLD RESERVES IN 2024—CHECK INDIA’S RANK
Top 10 countries with the largest gold reserves, as of 2024 (Source Canva Pro)
The World's Largest Gold Reserves: In 2024, the price of gold has surged by almost 20%, supported by large purchases from central banks, a rise in consumer demand, and heightened interest in safe-haven assets amid geopolitical uncertainties.
The gold standard, adopted in the late 1800s and 1900s, involved countries pegging the value of their paper currency to gold by setting a fixed exchange rate between their currency and a specific quantity of gold.
However, officials officially abandoned this practice in the 1970s, and now central banks around the world accumulate most of the gold as reserves.
The global central banks recently reportedly added a net 37 tonnes to official reserves, representing a 206% month-over-month increase and the highest monthly total since January 2024, as per the IMF.
Following a record-breaking start to the year, there was a slight slowdown in gold purchases by global central banks in the second quarter of 2024, with a net purchase of 483 metric tonnes of gold, combined with Q1 net purchase, which is still 5% higher than in H1 2023, according to the World Golf Council.
Central bank gold demand in H1 was the highest on record. (Source: World Gold Council)
*Data as of 30 June 2024.*
Gold reserves play a significant role in international trade and finance, enhancing a country's creditworthiness and influencing its position in the global economic system.
Top 10 countries with the largest gold reserves, as of 2024:
It's noteworthy to mention that the United States has the largest gold reserves, nearly as many as the combined total of the next three countries: Germany, Italy, and France.
Here are the current rankings of gold reserves by country in Q2 2024, as reported by the World Gold Council.
| Rank | Country | Gold Reserves (in Tonnes) | Holdings (%) |
| 1 | United States of America | 8,133.46 | 72.41% |
| 2 | Germany | 3,351.53 | 71.46% |
| 3 | Italy | 2,451.84 | 68.33% |
| 4 | France | 2,436.97 | 69.99% |
| 5 | Russian Federation | 2,335.85 | 29.47% |
| 6 | China | 2,264.32 | 4.91% |
| 7 | Japan | 845.97 | 5.15% |
| 8 | India | 840.76 | 9.57% |
| 9 | Netherlands | 612.45 | 61.61% |
| 10 | Turkey | 584.93 | 0% |
Source: World Gold Council
Where does India stand?
Gold holds a central role in India's culture, considered a store of value, a symbol of wealth and status, and an essential part of many rituals.
As the Reserve Bank of India (RBI) manages India's gold reserves, the report of the World Gold Council highlighted that the RBI has been adding to its gold reserves every month this year, with year-to-date net purchases totalling 37 tonnes, surpassing its annual net purchases in both 2022 (33 tonnes) and 2023 (16 tonnes).
Being one of the largest gold markets and increasing affluence is fuelling the growth in demand; India ranks 8th globally with 840.76 metric tonnes of gold reserves.
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2024-09-18T11:46:35Z dg43tfdfdgfd