Top 14 Countries with the Largest Gold Reserves in 2024: Where Does India Rank?

Gold prices in India surged to an all-time high of ₹84,900 per 10 grams, driven by strong domestic demand and favorable global market trends, according to the All India Sarafa Association. The price of 99.9% pure gold rose by ₹1,100 for the third consecutive session, marking a significant increase since the beginning of the year. Gold prices have jumped by ₹5,510, or 7%, from ₹79,390 per 10 grams at the start of 2024.

As gold prices continue to rise, data from the World Gold Council for Q2 2024 highlights the countries with the largest gold reserves. The United States leads the list, followed by Germany and Italy. Here’s a look at the top 14 nations with the highest gold holdings and India’s position among them.

Top 14 Countries by Gold Reserves in 2024

1. United States

• Gold Reserves: 8,133.46 tonnes
• Value: $6.09 billion
• Details: The US has the largest gold reserves in the world, primarily stored in Fort Knox and other secure locations. These reserves play a crucial role in backing the US dollar and influencing global financial markets.

2. Germany

• Gold Reserves: 3,351.53 tonnes
• Value: $2.51 billion
• Details: Most of Germany’s gold is held in the Bundesbank’s vaults in Frankfurt, with some reserves stored abroad to ensure security and stability.

3. Italy

• Gold Reserves: 2,451.84 tonnes
• Value: $1.82 billion
• Details: Italy’s gold is primarily stored by the Bank of Italy as a financial safeguard against economic uncertainties.

4. France

• Gold Reserves: 2,436.97 tonnes
• Value: $1.83 billion
• Details: Managed by the Banque de France, these reserves contribute to monetary stability and economic confidence.

5. Russia

• Gold Reserves: 2,335.85 tonnes
• Value: $1.83 billion
• Details: Russia has been actively increasing its gold holdings to diversify foreign exchange reserves and reduce dependence on foreign currencies.

6. China

• Gold Reserves: 2,264.32 tonnes
• Value: $1.69 billion
• Details: China continues to expand its gold reserves as a hedge against financial risks and to support its currency.

7. Japan

• Gold Reserves: 63,397.87 tonnes
• Value: $633 million
• Details: Managed by the Bank of Japan, these reserves provide economic stability and act as a safeguard against market fluctuations.

8. India

• Gold Reserves: 840.76 tonnes
• Value: $630 million
• Details: India has a strong cultural connection to gold, maintaining significant reserves to safeguard its economy and ensure financial stability.

9. The Netherlands

• Gold Reserves: 612.45 tonnes
• Value: $458 million
• Details: The Dutch central bank oversees these reserves as part of a broader financial security strategy.

10. Turkey

• Gold Reserves: 584.93 tonnes
• Value: $438 million
• Details: Turkey has been increasing its gold holdings to protect against global economic uncertainties.

11. Portugal

• Gold Reserves: 382.66 tonnes
• Value: $286 million
• Details: Portugal uses its gold reserves as a financial buffer against inflation and economic instability.

12. Poland

• Gold Reserves: 377.37 tonnes
• Value: $282 million
• Details: Poland has been expanding its gold holdings to diversify its foreign assets.

13. Uzbekistan

• Gold Reserves: 365 tonnes
• Value: $273 million
• Details: Uzbekistan has significantly increased its gold reserves, reflecting its growing economic influence in Central Asia.

14. United Kingdom

• Gold Reserves: 310.29 tonnes
• Value: $232 million
• Details: Although the UK has reduced its gold holdings over the years, its reserves remain an essential part of its economic portfolio.

India’s Position in Global Gold Holdings

India ranks 8th in global gold reserves with 840.76 tonnes, valued at $630 million. Given the country’s deep-rooted cultural and economic ties to gold, maintaining substantial reserves is crucial for financial stability.

With rising gold prices and increasing global economic uncertainties, gold continues to be a vital asset for central banks worldwide.