Google search interest draws attention to India's gold reserves
Tue May 07 2024
India has recently seen the most increased interest in gold reserves, with 29,300 Google searches for the term ‘gold reserves’ as of February 2024. This comes as no surprise as the country is part of the top ten nations with the highest gold reserves in the world. India has approximately 804 tonnes of gold worth a value of $50 billion, according to The Gold Bullion Company report released on Tuesday.
The UK follows behind with 16,280 Google searches, showcasing an increased interest in gold reserves compared to other countries. Though not part of the countries with the most gold reserves, the UK has accumulated a sizable amount of gold worth $19 billion, representing a substantial amount of its monetary assets aiding its economic stability.
The United States has also
gained a lot of interest in gold reserves, with the term receiving 13,380
Google searches over the last year. As a giant in the gold industry, it is no
surprise that the North American country has sustained a solid reputation for
accumulating the largest gold reserves in the world (worth $507 billion), with
almost more gold than Germany, Italy, and France put
together.
Rick Kanda, managing
director at The Gold Bullion Company said: "The world’s biggest gold
nations do not thrive solely on their accumulated gold reserves but have
devised various metrics beyond that. Countries
including the United States, Germany and Italy are among the top holders of gold reserves and continue to grow steadily as a part of their investment diversification strategy."
Regarding ETF holdings, the United
States stands out with its significant amount of gold ETF holdings, accounting
for more than 50% of the world’s total. However, it is notable that more
European countries are following suit, with the UK, Germany, and Switzerland
also being large contributors.
A consistent gold producer through the years, China is a major player in the gold production game, producing more than 375 tonnes. China is a key contributor to the global economy, with the most significant consumer demand for assets such as gold, jewellery, bars, and coins.
Source: https://economictimes.indiatimes.com/