A “safe haven” – this is how many view gold, which they use as a reliable tool to hedge against economic and political crises.
Gold therefore reserves play a crucial role in the economic stability of any country, acting as a safeguard against currency fluctuations and financial crises.
Central banks hold it as a store of value. Gold is kept in many central banks because it provides stability and is not impacted by political changes or economic shocks, in addition to being a liquid asset, meaning it can be converted into cash at any time.
According to the World Gold Council‘s latest report, the US holds the top spot for the world’s largest gold reserves. In a surprising turn, China was not listed within the top five.
Countries with the largest gold reserves in the world
US
The US holds the top position in global gold reserves, possessing about 8133.46 tons which represents approximately 72.41 percent of its total foreign reserves.
Germany
Germany ranks as the second-largest holder of gold reserves worldwide, with approximately 3352.65 tons, accounting for about 71.46 percent of its total foreign reserves.
Italy
Italy ranks as the third-largest holder of gold reserves globally, possessing approximately 2451.84 tons, which constitutes about 68.33 percent of its foreign reserves.
France
France holds the fourth position with gold reserves amounting to 2,436.88 tons, equivalent to 69.99 percent of its total foreign reserves.
Russia
Russia has spent around US$40 billion over the past five years to boost its gold reserves. With a multi-billion dollar gold mining industry, its gold reserves increased by 6.22 tons during the third quarter of 2021, the fifth-largest increase globally.
It currently holds 2301.64 tons of gold reserves.
China
China comes in sixth place in global gold reserves, possessing 2191.53 tons of gold reserves, which make up about 4.91 percent of its total foreign reserves.
Switzerland
Switzerland ranks seventh globally in terms of gold reserves, holding 1040 tons, which constitutes approximately 7.64 percent of its total foreign reserves.
Japan
Japan ranks eighth holding 845.97 tons, which constitutes approximately five percent of its total foreign reserves.
India
India holds the ninth position with 800.78 tons of gold reserves, which make up about nine percent of its foreign currency reserves.
Netherlands
The Netherlands ranks tenth with gold reserves amounting to approximately 612.45 tons, representing about 61 percent of its total foreign currency reserves.
Edited translation from Al-Masry Al-Youm
