With 607 Tonnes Gold Reserves, India is Ranked 11th in Net Holdings
The latest report released by the World Gold Council (WGC) indicates that India has the 11th largest gold reserves. The country’s total gold holding stood at 607 tonnes and is set to displace Netherlands to soon feature in the top 10 list of gold holdings. The country is already in tenth spot in the list which includes only countries. Incidentally, IMF with a total holding of 2,814 tonnes occupies the third spot in the overall list.
According to WGC, India has been steadily adding to its gold reserves over the past several years. As at the end of 2018, the country accounted for 6.2% of the global gold holding. Figures indicate that India added additional 6.5 tonnes of gold to its reserves in the opening month of 2019.
In fact, all major central banks across the world reported significant addition to their gold holdings during the previous year. The central bank gold purchases had hit multi-decade highs in 2018, mainly led by central banks in Russia, Turkey and Kazakhstan.
WGC report states that the U.S. has the largest gold reserves of 8,133.5 tonnes, followed by Germany with 3,369.7 tonnes. Italy France and Russia have gold reserves exceeding 2,000 tonnes. Amoing Asian countries, Mainland China and Japan have the highest gold reserves at 1,863.4 tonnes and 765.2 tonnes respectively. The WGC report puts Switzerland’s gold reserves at 1,040 tonnes.
Alistair Hewitt, Director of Market Intelligence, WGC noted that global gold reserves rose by 35 tonnes in January 2019, with gross purchases of 48 tonnes and gross sales of 13 tonnes.
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