India Surpasses Saudi Arabia and UK in Gold Reserves Full List

22 Jan, 2024

The World Gold Council's (WGC) latest report reveals the United States as the global leader in gold reserves, holding an impressive 8,133.46 tonnes valued at $489,133 million.

Surprisingly, India secures the ninth position, surpassing Saudi Arabia and the United Kingdom. India's gold reserves amount to 2,191.53 tonnes, valued at $131,795 million. This positioning underscores the significance of gold holdings in the global economic landscape.

The ranking places Germany in the second spot with 3,352 tonnes of gold reserves, while Italy, France, and Russia claim the third, fourth, and fifth positions, respectively, according to Forbes. Recent reports suggest that Russia is exploring the use of its frozen gold reserves, seized after the Ukraine invasion, to fund a climate damage fund for developing countries.

This move aligns with Moscow's efforts to prevent the West from accessing its frozen assets.Gold reserves play a crucial role in stabilizing a country's currency, offering a reliable store of value. Countries also use gold holdings for diversification, mitigating risks associated with fluctuations in other assets.

The inverse relationship between gold prices and the US dollar allows central banks to safeguard reserves during market volatility. Additionally, some nations leverage gold for trade settlements and collateral during economic downturns, capitalizing on its value as a hedge in times of crisis. Stay informed about the latest gold rates in India today as gold continues to be a strategic asset for nations worldwide.

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