Top 20 Countries With Largest Gold Reserves [Q4 2023] - Forbes India (2024)

Top 20 Countries With Largest Gold Reserves [Q4 2023] - Forbes India (1)

Why do countries keep gold reserves? Because gold reserves are critical for the economic stability of a country, acting as a reliable store of value, particularly during financial uncertainties. The gold standard was a global practice in the late 1800s and a significant part of the 1900s. In this era, countries backed the value of their paper money with gold by establishing a fixed exchange rate between their currency and a specific amount of gold. Essentially, each unit of currency issued had a corresponding value in gold, and individuals could exchange their paper money for actual gold at this set rate.

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Although officially abandoned in the 1970s, many countries maintain gold reserves; the demand for gold reserves is rising due to growing economic uncertainty. Central banks are once again favouring gold as the preferred safe-haven asset. Gold reserves continue to play a crucial role in shaping a country's creditworthiness and overall economic standing, even as the contemporary economic landscape evolves.In this post, we look at a ranking of gold reserves by country to find the top 20 countries with the most gold reserves.

Countries with the most gold reserves

As estimated by the World Gold Council, here are the current rankings of gold reserves by country in Q4, 2023.Also Read: Gold rate history in India: 2000 to 2024

Rank & Country Gold Reserve (in tonnes)
Gold Reserve (in $ millions) & Holdings in %
#1 United States of America 8,133.46
543,499.37 (69.89%)
#2 Germany 3,352.65
224,032.81 (69.06%)
#3 Italy 2,451.84
163,838.19 (65.89%)
#4 France 2,436.88
162,844.72 (67.28%)
#5 Russian Federation 2,332.74
155,880.00 (26.05%)
#6 China 2,235.39
149,374.61 (4.37%)
#7 Switzerland 1,040.00
62,543.91(7.64%)
#8 Japan 845.97
56,530.15 (4.37%)
#9 India 803.58
53,697.34 (8.54%)
#10 Netherlands 612.45
40,925.77 (58.34%)
#11 Turkey 540.19
36,096.67 (27.38%)
#12 Taiwan (POC) 423.63
25,476.21 (4.32%)
#13 Portugal 382.63
25,568.48 (72.15%)
#14 Uzbekistan 371.37
24,816.10 (71.42%)
#15 Poland 358.69
23,968.87 (12.36%
#16 Saudi Arabia
323.07
19,428.77 (4.24)
#17 United Kingdom 310.29
20,734.20 (11.64%)
#18 Kazakhstan 294.24
19,661.66 (54.44%)
#19 Lebanon 286.83
17,249.75 (54.45%)
#20 Spain 281.58
18,815.76 (18.23%)

Top 20 Countries With Largest Gold Reserves [Q4 2023] - Forbes India (5)

Why do countries have a gold reserve?

Countries maintain gold reserves for several reasons. Firstly, gold is considered a stable and reliable store of value. By holding gold, countries can instil confidence in their economic stability, especially during financial uncertainty.Additionally, gold has historically played a role in supporting the value of a country's currency. While the gold standard is no longer widely used, some countries still view gold reserves as a means to maintain currency stability.Diversification is another key reason. Gold is a tangible asset; by holding it in their reserves, countries can diversify their overall portfolio. This diversification helps mitigate the risks associated with fluctuations in the value of other assets.The appeal of gold is heightened by its inverse correlation with the US dollar. When the value of the dollar declines, gold tends to increase in value. This dynamic allows central banks to safeguard their reserves during periods of market volatility.Gold reserves also have a role in international trade and finance. Some countries use gold to settle trade imbalances or as collateral for loans. The presence of gold reserves can enhance a country's creditworthiness and influence its standing in the global economic system.Moreover, gold serves as a hedge during crises. Its value often rises during economic downturns or geopolitical uncertainties, safeguarding against inflation and currency devaluation.

Frequently Asked Questions (FAQs)

1. What are the countries with the most gold reserves?The top 3 countries with the most gold reserves include the United States, Germany and Italy. The United States has the most gold reserves and has nearly as many reserves as the combined total of the next three countries with the largest gold holdings: Germany, Italy, and France.2. What is India's ranking in gold reserves?India holds a significant position in global gold reserves, ranking 9th in the list of countries with the most gold reserves. With a rich cultural affinity for gold and a history of gold being a traditional store of value, India's gold reserves contribute to its economic stability and play a key role in the country's financial landscape.

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Top 20 Countries With Largest Gold Reserves [Q4 2023] - Forbes India (2024)

FAQs

What is the rank of India in gold reserves 2023? ›

India holds a significant position in global gold reserves, ranking 9th in the list of countries with the most gold reserves.

Who has the largest gold reserves in the world 2023? ›

Top 10 Countries With Most Gold Reserves
  • United States – 8,133.47 t.
  • Germany – 3,355.14 t.
  • Italy – 2,451.84 t.
  • France – 2,436.5 t.
  • Russia – 2,298.53 t.
  • China – 1,948.31 t.
  • Switzerland – 1,040 t.
  • Japan – 845.97 t.

How much gold does India have in reserve? ›

According to the latest data, India has 803.58 metric tonnes of gold reserves. India uses these reserves to balance their economy and support its currency.

What is the current reserve of India in 2023? ›

India's total foreign exchange (forex) reserves stand at around US$598.89 billion on 08 sep 2023, with the foreign currency assets (FCA) component at around US$530.691 billion, gold reserves at around US$44.939 billion, special drawing rights (SDRs) with the International Monetary Fund (IMF) of around US$18.195 billion ...

Which country is the largest producer of gold 2023? ›

In 2023, China's mines produced an estimated 370 metric tons of gold. Accordingly, China is the largest gold producer in the world.

What country has the largest unmined gold? ›

Which country has the biggest unmined gold reserves? Australia is thought to have the biggest unmined gold reserves (estimated at 8,400 tonnes), followed by Russia in second place (6,800 tonnes) and South Africa in third place (5,000 tonnes).

How much is 1 ton of gold worth? ›

So, how much is one tonne of gold precious metal worth? A tonne, in 2022, would be priced at its highest over $65,000,000 and the lowest just under $52,000,000. To calculate how much one tonne of gold would be worth, you can multiply the kilo gold price by 1,000 for a rough figure.

Does India have more gold than the USA? ›

The United States has emerged as the country with largest gold reserves in the world, as estimated by the World Gold Council (WGC). According to the list released by the WGC, India is placed at the ninth spot and is ahead of Saudi Arabia and United Kingdom.

Why is India buying gold? ›

Hedge Against Inflation: Gold has a reputation as a hedge against inflation. When the value of currencies weakens due to inflation, gold tends to hold its value or even increase. It protects the purchasing power of India's foreign reserves.

How much gold an Indian can keep? ›

Following is the allowed gold limit per person in India: Unmarried Woman: 250 grams. Unmarried Man: 100 grams. Married Woman: 500 grams.

How pure is India gold? ›

The majority of gold jewelry from India is 22 Karat gold. Twenty-two karat gold will be stamped “. 916,” “22K,” or “22c”. Twenty-two karat gold is 91.6% gold which is a very high purity of gold and the value is always more than 18k or 14k gold.

Why is gold so high in India? ›

Gold price rate is increasing due to numerous elements, including speculation, central bank purchases, Fall in Dollar Index, Chinese Demand and anticipations of a U.S. interest rate decrease.

Who buys more gold in India? ›

According to an ET report, during January-February of this year, the RBI acquired 0.43 million troy ounces, equivalent to around 13.3 tonnes of gold, from the market. This represents over 80% of the total gold purchases made by the central bank in 2023, which amounted to 0.52 million troy ounces.

What is the gold reserve in India 2024? ›

As of the end of March 2024, the Reserve Bank of India held a total of 822 metric tonnes of gold, with 408 metric tonnes held within the country. The total gold reserve stood at 612 metric tonnes as at the end of March 2019, out of which 292 metric tonnes were held domestically.

Which country has the most unmined gold? ›

Which country has the biggest unmined gold reserves? Australia is thought to have the biggest unmined gold reserves (estimated at 8,400 tonnes), followed by Russia in second place (6,800 tonnes) and South Africa in third place (5,000 tonnes).

What is the gold demand in India in 2023? ›

The demand for gold in India stood at 745.7 tonnes during 2023, down 3% from the previous year, as gold prices rose to a record high during the year, the WGC said in a recent report. Interestingly, demand for the yellow metal was at a four-year low during 2023. India is a major importer of gold.

How many gold mines are there in India in 2023? ›

According to thе Indian Burеau of Minеs, thеrе аrе currently over 550 operational gold mines in India.

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