Global Gold Reserves: Top 10 Countries in 2024

Top 10 Countries with the Largest Gold Reserves in 2024

As of the first quarter of 2024, the World Gold Council reports the top 10 countries with the largest gold reserves. A notable recent action is the Reserve Bank of India (RBI) repatriating 100 tonnes of its gold reserves from the United Kingdom. This decision aims to establish a balanced distribution of gold holdings between domestic and international storage.

List of Top 10 Countries

• 1. United States - Gold Reserves: 8,133.46 tonnes, Gold Reserve Value: $579,050.15 million
• 2. Germany - Gold Reserves: 3,352.65 tonnes, Gold Reserve Value: $238,662.64 million
• 3. Italy - Gold Reserves: 2,451.84 tonnes, Gold Reserve Value: $174,555.00 million
• 4. France - Gold Reserves: 2,436.88 tonnes, Gold Reserve Value: $173,492.11 million
• 5. Russian Federation - Gold Reserves: 2,332.74 tonnes, Gold Reserve Value: $166,076.25 million
• 6. China - Gold Reserves: 2,262.45 tonnes, Gold Reserve Value: $161,071.82 million
• 7. Switzerland - Gold Reserves: 1,040.00 tonnes, Gold Reserve Value: $69,495.46 million
• 8. Japan - Gold Reserves: 845.97 tonnes, Gold Reserve Value: $60,227.84 million
• 9. India - Gold Reserves: 822.09 tonnes, Gold Reserve Value: $58,527.34 million
• 10. Netherlands - Gold Reserves: 612.45 tonnes, Gold Reserve Value: $43,602.77 million

India's Position in Global Gold Reserves

India ranks 9th globally in terms of gold reserves, holding 822.09 tonnes valued at approximately $58,527.34 million. The recent repatriation of 100 tonnes of gold from the UK by the RBI not only ensures a balanced storage distribution but also aligns with India's broader strategic goals amidst evolving global geopolitical dynamics.

Frequently Asked Questions (FAQs)

Q1. What are the top countries with the largest gold reserves?
Answer: The top countries include the United States, Germany, and Italy, with the US leading at 8,133.46 tonnes as of Q1 2024.

Q2. Why did India repatriate gold from the UK?
Answer: India repatriated 100 tonnes of gold to ensure balanced storage and support strategic goals in response to global geopolitical shifts.

Q3. How much gold does India hold as of 2024?
Answer: India holds 822.09 tonnes of gold, valued at approximately $58,527.34 million, ranking 9th in the world.

Q4. What is the significance of gold reserves for a country?
Answer: Gold reserves are crucial for financial stability, international trade, and as a hedge against economic uncertainties.

Q5. How do gold reserves affect the economy?
Answer: Gold reserves influence currency strength, investment confidence, and overall economic stability, impacting national and global markets.

UPSC Practice MCQs

Question 1: Which country has the largest gold reserves as of 2024?
A) Germany
B) United States
C) Italy
D) China
Correct Answer: B

Question 2: What is the gold reserve value of India in 2024?
A) $43,602.77 million
B) $60,227.84 million
C) $58,527.34 million
D) $166,076.25 million
Correct Answer: C

Question 3: How many tonnes of gold did India repatriate from the UK?
A) 50 tonnes
B) 100 tonnes
C) 150 tonnes
D) 200 tonnes
Correct Answer: B

Question 4: Which country ranks second in gold reserves?
A) France
B) Germany
C) Russia
D) China
Correct Answer: B

Question 5: What is the primary reason for holding gold reserves?
A) Cultural significance
B) Investment
C) Economic stability
D) Aesthetic value
Correct Answer: C