India has been ranked ninth globally with most gold reserves in third quarter (Q3) of 2023, ahead of Saudi Arabia, according to a latest data released by the World Gold Council (WGC).
It has 800.78 tonnes, valued at 48,157.71 million dollars.
With a rich cultural affinity for gold and a history of gold being a traditional store of value, India’s gold reserves contribute to its economic stability and play a key role in the country’s financial landscape, Forbes reported.
US ranked first with 8,133.46 tonnes of gold reserves, valued at 489,133 million dollars, according to the WGC list.
Meanwhile, Saudi Arabia ranked 16th with 323.07 tonnes of reserved gold, valued at 16,933.64 million dollars.
Here’s top 10 countries with most gold reserves
| Rank | Country | Gold Reserve (in tonnes) | Gold Reserve (in $ millions) & Holdings in percent |
| 1 | United States | 8,133.46 | 489,133.74 (68.22 percent) |
| 2 | Germany | 3,352.65 | 201,623.07 (67.34 percent) |
| 3 | Italy | 2,451.84 | 201,623.07 (67.34 percent) |
| 4 | France | 2,436.88 | 146,551.80 (66.09 percent) |
| 5 | Russia | 2,332.74 | 140,287.50 (24.67 percent) |
| 6 | China | 2,191.53 | 131,795.43 (3.98 percent) |
| 7 | Switzerland | 1,040.00 | 62,543.91 (7.65 percent) |
| 8 | Japan | 845.97 | 50,875.51 (4.11 percent) |
| 9 | India | 612.45 | 48,157.71 (8.13 percent) |
| 10 | Netherlands | 612.45 | 36,832.02 (56.06 percent) |
Why do countries have gold reserves?
Countries maintain gold reserves for various reasons, with gold being a crucial stable store of value, according to Forbes.
Gold can serve as a reliable currency, fostering confidence in a country’s economic stability, particularly during times of financial uncertainty.
In addition, gold has historically supported currency value, and while the gold standard is no longer widely practiced, some countries still consider gold reserves as a method for currency stability.
Gold reserves are maintained by countries for diversification, allowing them to diversify their portfolio and mitigate risks associated with asset fluctuations.
Gold price is inversely proportional to US dollar value, increasing when dollar depreciates, allowing central banks to protect reserves during market volatility.
Some countries used gold to settle trade imbalances and as collateral for loans, acting as a hedge during economic downturns due to its increased value, as per Forbes.
