India’s gold reserves now larger than Saudi Arabia, UK; check full list here
Gold Reserve and USD (Representative image)
According to the latest estimates released by the World Gold Council (WGC), India has emerged as the country having the ninth-largest gold reserves in the world. With its gold reserves measuring 2,191.53 tonnes, valued at $ 131,795 million, India is ranked ahead of wealthy Arab and Western nations such as Saudi Arabia and the United Kingdom.
Meanwhile, the US grabbed the top spot, having gold reserves measuring 8,133.46 tonnes as per the WGC list, valued at $489,133 million. Germany came in the second distant spot with estimated gold reserves of 3,352 tonnes. Italy, France and Russia occupy the third, fourth and fifth spots respectively, Forbes reported.
Russia is trying to get its gold reserves back from the Western countries, seized in the aftermath of its invasion of Ukraine. In an attempt to stop the West from seizing its frozen reserves, Moscow has floated the idea of using those reserves to finance the climate change fund to help developing nations.
Russia's climate envoy recently said at the COP28 summit the move would help to close the gap between developed and developing countries in tackling climate change.
Here are the top 10 countries with the largest gold reserves in the world.
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1) UNITED STATES 8,133.46 tonnes $489,133.74 million
2. GERMANY 3,352.65 tonnes $201,623.07 million
3. ITALY 2,451.84 tonnes $147,449.64 million
4. FRANCE 2,436.88 tonnes $146,551.80 million
5. RUSSIA 2,332.74 tonnes $140,287.50 million
6. CHINA 2,191.53 tonnes $131,795.43 million
7. SWITZERLAND 1,040.00 tonnes $62,543.91 million
8. JAPAN 845.97 tonnes $50,875.51 million
9. INDIA 800.78 tonnes $48,157.71 million
10. NETHERLANDS 612.45 tonnes $36,832.02 million
Why do nations hold gold reserves?
Countries hold gold reserves for various reasons, with the foremost being its role as a stable store of value, supporting the currency's worth. Additionally, nations see gold reserves as a means to diversify their portfolios, mitigating risks linked to other asset value fluctuations.
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The inverse relationship between gold prices and the US dollar is also a significant factor. When the dollar depreciates, gold rates tend to rise, allowing central banks to safeguard reserves amid market volatility.
Some countries use gold to settle trade imbalances or as collateral during economic downturns, as its value typically increases, serving as a hedge in crises.
(With inputs from agencies)