India ranks 11th in gold holding
12, Mar 2019
India, which is the world’s largest consumer of gold, has the 11th largest gold reserve, with the current holding pegged at 607 tonnes, as per the latest report by the World Gold Council (WGC).
India’s overall position in terms of total gold holding would have been tenth had the list included only countries. Whereas, International Monetary Fund (IMF) is included and is third on the list with total gold reserves of 2,814 tonnes.
The no. 1 slot is occupied by the U.S., which boasts of gold reserves of 8,133.5 tonnes, followed by Germany with 3,369.7 tonnes.
Italy and France complete the top five list with reserves of a little over 2,400 tonnes each.
Meanwhile, among Asian countries, China and Japan have more reserves of the precious metal when compared to India.
China – WGC takes into account only ‘Mainland China’ – has reserves of 1,864.3 tonnes, while Japan has gold reserves of 765.2 tonnes.
Following the multi-decade high in gold reserves growth in 2018, central banks’ appetite remained healthy at the start of 2019.
Pakistan, with its gold reserves of 64.6 tonnes, occupies the 45th position.