Related Topics: Gold Reserves, World Gold Council
- According to the World Gold Council, India is among top ten countries in terms of total gold reserves and has gold reserves totalling 618.2 tonnes.
- U.S. leads the country list with total gold reserves of 8,133.5 tonnes followed by Germany with 3,366.8 tonnes.
- While the IMF is ranked third with a holding of 2,451.8 tonnes, it is followed by countries such as Italy (2,451.8 tonnes), France (2,436.1 tonnes), Russia (2,219.2 tonnes), China (1,936.5 tonnes), Switzerland (1,040 tonnes) and Japan (765.2 tonnes) before India at the 10th spot.
- Pakistan has seen its standing unchanged at the 45th position with total gold reserves of 64.6 tonnes.
India’s Gold Reserve
- In terms of individual countries, India actually ranks ninth since the International Monetary Fund (IMF) occupies the third position after the U.S. and Germany.
- When the WGC reported the country-wise reserves in March 2019, India’s gold holding was pegged at 607 tonnes.
- India’s gold reserves have grown substantially in the past couple of decades from 8 tonnes in the first quarter of 2000 to the current 618.2 tonnes.
- India’s entry into the list of top ten countries (ranked 10th) comes at a time when the quantum of monthly purchases is the lowest in over three years.
[Source: The Hindu]