World Gold Council Report
The World Gold Council its latest report highlights the quantum of gold holding by the different countries. The findings of the report are:
- India has the 11th largest gold reserve and the current holding pegged at 607 tonnes.
- India’s would have been at the tenth position had the list included only countries. International Monetary Fund (IMF) ranks third on the list with total gold reserves of 2,814 tonnes.
- The top spot is occupied by US gold reserves of 8,133.5 tonnes, followed by Germany with 3,369.7 tonnes.
- The third and fourth slot is occupied by Germany and France with reserves of around 2,400 tonnes each.
- China and Japan have more reserves of the precious metal when compared to India. Mainland China has gold reserves of 1,864.3 tonnes and Japan has gold reserves of 765.2 tonnes.
- The report notes that Gross purchases of 48 tonnes and gross sales of 13 tonnes led to an increase in global gold reserves by 35 tonnes on a net basis in January, with sizeable increases from nine central banks.
- This was the largest January increase in gold reserves since 2002 and illustrates the recent strength in gold accumulation.
The World Gold Council is the market development organisation for the gold industry and it aims to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market. The members of the World Gold Council include gold mining companies.