With pressure mounting on India’s foreign exchange reserves, Prime Minister Narendra Modi had to address the public. He urged people not to buy gold for at least a year. However, this appeal was not welcomed by India’s investors or the common people. The reason is obvious, gold has been deeply woven into Indian traditions for centuries. A sudden shift in gold buying has shaken investor confidence. However, not many people are aware that India itself is one of the largest holders of gold reserves in the world.
America
2 / 9
When it comes on to holding gold, United States stands at number one position. It has largest gold reserves in the world and has maintained this position for a long time. Statistics show that the US gold reserve is approximately 8,133.50 tons of gold.
Germany
3 / 9
Germany is second on the list of countries with the largest gold reserves. Its gold reserves are approximately 3,351.5 tonnes. Its reserves have also seen a steady and rapid increase.
Italy
4 / 9
Italy comes at number three in the top-10 countries having the highest gold reserve. According to the data, Italy’s has gold reserves of approximately 2,452 tonnes.
France
5 / 9
France is the fourth largest country in terms of gold reserves and if we look at the figures of France Gold Reserve, it is around 2,437 tonnes.
Russia
6 / 9
Russia ranks fifth in this respect and is also among the largest gold buyers. Its gold reserves stand to approximately 2,333 tons.
China
7 / 9
Although China is the top gold buyer and producer, but it ranks sixth among the top 10 countries in terms of gold reserves. China’s gold reserves are approximately 2,303.50 tonnes.
Switzerland
8 / 9
Switzerland is a major gold producer and exports gold to many major countries. It ranks seventh among countries with the largest gold reserves, with 1,039.90 tons. It’s worth noting that India imports the most gold from Switzerland, accounting for about 40 percent of its total imports.
India
9 / 9
India’s gold reserves are also steadily increasing, and India ranks seventh in terms of reserves of this yellow metal. India’s gold reserves are approximately 880.13 tons. It should be noted that India is among the world’s largest gold importers. India imports approximately 750 tons of gold every year.
