These 10 countries have largest gold reserve, Russia on 5th, China on 6th, India is on…, top rank is…
Gold Reserves: The glittering yellow metal, has attracted humans since its discovery. It has always been a significant and trustworthy part of any nation’s economy and financial stability for centuries. Not only does it serve as a hedge against major inflation, but it also helps revive an economy during crises such as wars and massive natural disasters. Countries with large gold reserves are considered economically strong and stable. Let’s take a look at the countries with the largest gold reserves and India’s position on the list.
It is to be noted that, the United States holds the largest gold reserves in the world. this reflects its economic strength. Despite US dollar being the dominant currency in the world, America continues to rely on the yellow metal as a backbone for economic stability during uncertain times.
Germany faced a severe economic crisis after World War II. However, the country systematically increased its gold reserves, making it the second-largest holder of the yellow metal in the world today.
Italy’s major gold reserves have helped maintain its economic stability, with most of its reserves controlled by the European Central Bank.
France is one of the European economic powerhouses and maintains a major gold reserve. The country always ensures high reserve levels to stabilise the economy during recessions or crises.
It is worth noting that, Russia has majorly increased its gold holdings after the Ukraine conflict. The country took the step in order to diversify its foreign exchange reserves. Earlier, Russia’s reserves consisted of a massive share of American dollars and euros, which were later frozen by Western nations.
China, the world’s second-largest economy, has been aggressively expanding its gold reserves to strengthen its currency and reduce reliance on the US dollar.
Japan also holds massive gold reserves to maintain economic stability. As per a 2023 BBC report, Japan’s debt stands at USD 9.2 trillion—266% of its GDP.
India ranks 8th in the world in terms of gold reserves. Here, gold is not just a financial asset but also holds religious significance. Indian households, especially women, own the largest private gold reserves in the world.
The Netherlands maintains major gold reserve to ensure economic stability. The country is the 18th largest economy in the world and the 5th largest in Europe based on GDP.
Turkey has massively increased its gold reserves in recent years to shield itself from global economic uncertainties.
Source: https://www.india.com/