With pressure increasing on India’s foreign exchange reserves, Prime Minister Narendra Modi recently appealed to people to avoid buying gold for at least one year. The statement immediately grabbed attention across financial markets as well as among common people. In India, gold is not just an investment. It is deeply connected to traditions, weddings and festivals. Because of this emotional and cultural connection, the appeal created uncertainty among investors and affected market sentiment. However, not many people are aware that India is among the top 10 countries with the largest gold reserves in the world.
United States
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The United States holds the world’s largest gold reserves and has maintained the top position for many years. According to available data, the country has around 8,133.5 tonnes of gold reserves.
Germany
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Germany ranks second among countries with the highest gold reserves. The country currently holds nearly 3,351.5 tonnes of gold and has steadily increased its reserves over the years.
Italy
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Italy stands third on the list of nations with the biggest gold reserves. Italy’s total gold holdings are estimated at around 2,452 tonnes.
France
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France is the fourth-largest holder of gold reserves in the world. The country has approximately 2,437 tonnes of gold reserves.
Russia
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Russia occupies the fifth position globally in terms of gold reserves. Russia is also one of the world’s major gold buyers and currently holds around 2,333 tonnes of gold.
China
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Although China is among the world’s largest producers and buyers of gold, it ranks sixth in overall reserves. China’s gold reserves are estimated at nearly 2,303.5 tonnes.
Switzerland
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Switzerland ranks seventh among countries with the largest gold reserves. The country holds around 1,039.9 tonnes of gold. Switzerland is also one of the biggest gold exporters in the world, and India imports nearly 40% of its gold from th
India
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India is also among the top countries in terms of gold reserves. India currently holds around 880.13 tonnes of gold reserves. The country is also one of the world’s largest importers of gold and imports nearly 750 tonnes every year.
Japan
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Japan is the ninth-largest holder of gold reserves globally. The country currently has around 846 tonnes of gold reserves.
Netherlands
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The Netherlands completes the top 10 list of countries with the highest gold reserves. The country holds nearly 612 tonnes of gold reserves.
