India gets 11th rank in gold holding

  •  India
  •  May 04, 2019
  •  By WFB Bureau
  • 1739 Views
India gets 11th rank in gold holding

As the world’s largest consumer of gold, India has got the 11th largest reserve of gold in the world. The current holdings of gold are secured at 607 tonnes as per the latest report by the World Gold council (WGC). 

The overall position of India in gold holdings would otherwise have been the tenth, had the list included only countries.  As the International Monetary Fund (IMF) has also been included in the list, so it has occupied the third position with total gold reserves of 2,814 tonnes.

U.S. has secured the top position, thereby boasting of gold reserves of 8,133.5 tonnes. It is followed by Germany with 3,369.7 tonnes of reserves and the top five lists is completed by Italy and France with reserves of a little over 2,400 tonnes each.

As compared to India, China and Japan have more reserves among the Asian countries. Only “Mainland China” is taken into account by the WGC, and it has been reported to hold gold reserves worth 765.2 tonnes.

At the beginning of 2019, the appetite of the central bank remained healthy following the multi-decade high in gold reserves growth in 2018. Further, the global gold reserves rose by 35 tonnes on a net basis in January due to the gross purchases of 48 tonnes and gross sales of 13 tonnes , with sizeable increases from nine central banks.

The WGC has reported that this rise has created a record, being the largest January increase in gold reserves (back to 2002). This illustrates the recent strength in gold accumulation.

The demand has been intense among the central banks of the emerging market and the key driver has been the diversification. The ongoing geopolitical and economic uncertainties have added to the spur.  The top 20 list of the largest gold reserves consists of countries like Taiwan, Portugal, Kazakhstan, Uzbekistan, Saudi Arabia, United Kingdom, Lebanon, Spain and European Central Bank.

Image Source: sputniknews.com

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