Given its longevity and security as a store of value, gold is a valuable component of any nation’s national reserves in the modern era.
Several countries’ central banks have been holding yellow metal as reserves due to growing economic instability and challenges.
Gold’s negative connection with the US dollar adds to its attractiveness. Gold often gains value when the US dollar depreciates. It aids central banks in protecting their reserves in the event of market turbulence.
Firstpost reported on Thursday that the World Gold Council (WGC), an organization that represents miners, has disclosed estimates of the gold reserves owned by various countries as of the third quarter of 2023.
As per Forbes, the United States of America possesses 8,1336.46 tonnes of gold reserves.
3,352.65 tons of gold are held in reserve by Germany.
With 2,451.84 tonnes, Italy has the third-largest gold reserve.
France possesses 2,436.88 tonnes of gold reserves.
China has gold reserves of 2,191.53 tonnes, while Russia is ranked fifth with deposits of up to 2,332.74 tonnes.
Switzerland possesses 1,040.00 tonnes of gold reserves.
Japan possesses 845.97 tonnes of gold reserves.
The Netherlands has 612.45 tonnes of gold reserves, while India has 800.78 tonnes.