List of Top 10 Countries with Highest Gold Reserves [2024]

3. Italy

Italy’s gold reserves are 2,451.84 tons, ranking third in the world, accounting for approximately 68.33% of its foreign exchange reserves.

The Bank of Italy manages these reserves, which are stored primarily in Rome and other secure locations across the country.

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The gold held by Italy is not only of great value but also of historical importance. They symbolize the country’s economic resilience in dealing with various financial challenges over the years.

The Italian government views gold as an important asset that can provide protection against economic instability and inflationary pressures.

In addition, Italy’s strong gold reserves consolidate its position in the euro zone and enhance its financial stability and international status.

4. France

France ranks fourth with 2,436.88 tons of gold reserves, accounting for approximately 69.99% of its total foreign exchange reserves.

The Bank of France manages these assets and stores them securely in Paris and other locations.

France maintains its gold reserves as part of a broader strategy to ensure financial stability and fend off economic recession.

Historically, French policymakers have recognized gold’s role as a safe-haven asset in uncertain times.

A large amount of gold not only supports France’s monetary policy, but also enhances France’s influence in the EU and the global stage.

5.Russian Federation

Ranking fifth is the Russian Federation, with gold reserves of 2,332.74 tons, accounting for approximately 29.47% of its total foreign exchange reserves.

Russia has aggressively increased its gold holdings in recent years as part of a diversification strategy away from reliance on the U.S. dollar amid geopolitical tensions and Western sanctions.

Russia’s central bank has been one of the world’s largest buyers of gold since 2015, viewing it as an important asset for national security and economic stability.

This accumulation reflects Russia’s commitment to strengthening its financial independence and its ability to withstand external economic shocks.

6.China

Ranking sixth is China, which holds 2,191.53 tons of gold reserves, accounting for approximately 4.91% of its total foreign exchange reserves.

China’s central bank has gradually increased its gold holdings over the past decade as part of a broader strategy to diversify assets and reduce reliance on foreign currencies such as the U.S. dollar.

Gold is seen as an important component in enhancing China’s monetary policy flexibility and supporting its economic growth amid global uncertainty.

The Chinese government actively promotes domestic gold consumption while strategically accumulating international reserves to enhance national security and economic resilience.

7. Japan

Japan’s gold reserves are 845.97 tons, ranking seventh among the countries with the largest gold reserves, accounting for approximately 5% of its total foreign exchange reserves.

The Bank of Japan holds these reserves primarily to hedge against inflation and currency fluctuations amid its aggressive monetary policies such as quantitative easing in recent years.

Although Japan is not heavily reliant on gold compared to other countries, it recognizes the importance of maintaining a certain level of precious metal holdings to bolster investor confidence during times of economic volatility.

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8. India

India ranks eighth with 800.78 tons of gold reserves, accounting for about 9% of its foreign exchange reserves.

Gold has huge cultural significance in India; it is considered a symbol of wealth and status, as well as being an integral part of various rituals and celebrations throughout the year.

The RBI actively manages these assets and adds to its holdings regularly to enhance financial stability amid rising global uncertainty and inflationary pressures.

India’s growing affluence has further fueled domestic demand for gold, making it one of the world’s largest consumers of gold, while reinforcing the importance of these reserves in supporting the country’s economic interests.

9. Netherlands

Finally, the Netherlands ranks ninth with 612.45 tons of gold reserves (approximately 61% of its total foreign exchange holdings), with its important assets mainly stored in national vaults for security purposes.

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The Dutch central bank has historically viewed these assets as critical to ensuring financial stability while providing confidence in times of economic uncertainty or crisis globally or within Europe.

The Netherlands’ strategic management of its gold reserves reflects a commitment to sound monetary policy to enhance the country’s credibility on international platforms.

10.Turkey

As of 2024, Türkiye’s gold reserves are 584.93 tons, ranking tenth in the world, a significant increase from previous years.

Turkey’s central bank has become one of the largest gold buyers among global central banks, with its reserves increasing significantly from just 114 tons in 2017 to current levels.

Currently, about 34% of Türkiye’s foreign exchange reserves are held in the form of gold, highlighting the importance of gold in the national economy.

The country also has significant untapped gold mining potential, estimated at 6,500 tonnes, which could further enhance its reserves and economic stability.

in conclusion

Gold reserves are the foundation of a country’s financial stability, providing a tangible asset that can be used to back its currency. In times of economic uncertainty, gold reserves can help bolster confidence in a country’s monetary system and maintain its value.

As of the World Gold Council’s 2024 report, the United States is the country with the largest gold reserves in the world, holding approximately 8,133.5 tons of gold.

After the United States, Germany, Italy and France are all top countries with large gold reserves, further consolidating their economic status on a global scale.

Central banks hold approximately 20% of mined gold, reflecting its importance in maintaining financial security and liquidity. They usually consist of gold bars and coins officially owned by the state. This includes physical gold and unallocated gold accounts held with foreign entities.

Throughout history, gold reserves have been viewed as an important national asset, often influencing economic policy and wartime strategy.

Therefore, this article not only highlights countries with larger gold holdings, but also emphasizes the importance of gold as a strategic asset in global finance.

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Source: https://dinhtienhoang.edu.vn
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