Gold reserves play a crucial role in a nation’s financial stability, serving as a valuable asset for central banks and governments. These reserves, which refer to the stockpile of gold held by a country, help stabilise currency values and provide security during economic uncertainties. Historically, gold has been seen as a safe-haven asset, essential during times of crisis or financial downturns.
For example, the U.S. began building its substantial reserves in the late 19th century and solidified its dominance through the Gold Reserve Act of 1934. Today, countries around the world hold significant amounts of gold as part of their strategic economic policies. Explore the top countries with the highest gold reserves, based on the latest data from the World Gold Council , showcasing their holdings and economic impact.
List of countries with the largest gold reserves in 2024
Source: World Gold Council
Global gold reserves 2024: Top countries and their holdings
United States
The U.S. holds the highest gold reserves at approximately 8,133.46 tonnes, which make up about 72.41% of its total reserves. Stored in secure facilities like Fort Knox, these reserves bolster financial stability and reinforce the U.S. dollar's dominance in international trade.
Germany
Germany ranks second with 3,351.53 tonnes, accounting for about 71.46% of its foreign reserves. Most of its gold is kept in vaults in Frankfurt and some repatriated from New York and London. Germany’s substantial holdings provide a buffer against financial crises and elevate its influence within the EU.
Italy
Italy’s 2,451.84 tonnes of gold reserves, managed by its central bank, represent 68.33% of its total foreign reserves. These assets serve as a symbol of economic resilience, supporting Italy's stability within the Eurozone.
France
France holds 2,436.97 tonnes, constituting 69.99% of its reserves. Managed by the Banque de France, these holdings provide financial security and reflect a longstanding strategy to mitigate economic risks.
Russian Federation
With 2,335.85 tonnes of gold, Russia has significantly increased its reserves as a strategic response to geopolitical challenges and to diversify away from the U.S. dollar. This approach strengthens its economic resilience.
China
China’s 2,264.32 tonnes of gold, making up 4.91% of its reserves, demonstrate its gradual shift to diversify assets and reduce reliance on the U.S. dollar, supporting economic stability and policy flexibility.
Japan
Japan’s gold holdings total 845.97 tonnes (5.15% of its reserves), used mainly as a hedge against economic volatility and inflation.
India
India holds 840.76 tonnes, which account for 9.57% of its foreign reserves. Gold's cultural importance and the Reserve Bank of India's proactive strategies underline its value as a financial stabiliser.
Netherlands
The Netherlands’ 612.45 tonnes (61.61% of its reserves) underscore its commitment to monetary stability, with most gold stored within national vaults.
Turkey
With 584.93 tonnes, Turkey has increased its reserves in recent years, now comprising a significant portion of its total foreign reserves. The nation’s growing mining potential could further bolster its economic position.
Also Read | 7 continents in the world ranked from largest to smallest on the basis of size and population
For example, the U.S. began building its substantial reserves in the late 19th century and solidified its dominance through the Gold Reserve Act of 1934. Today, countries around the world hold significant amounts of gold as part of their strategic economic policies. Explore the top countries with the highest gold reserves, based on the latest data from the World Gold Council , showcasing their holdings and economic impact.
List of countries with the largest gold reserves in 2024
Source: World Gold Council
Global gold reserves 2024: Top countries and their holdings
United States
The U.S. holds the highest gold reserves at approximately 8,133.46 tonnes, which make up about 72.41% of its total reserves. Stored in secure facilities like Fort Knox, these reserves bolster financial stability and reinforce the U.S. dollar's dominance in international trade.
Germany
Germany ranks second with 3,351.53 tonnes, accounting for about 71.46% of its foreign reserves. Most of its gold is kept in vaults in Frankfurt and some repatriated from New York and London. Germany’s substantial holdings provide a buffer against financial crises and elevate its influence within the EU.
Italy
Italy’s 2,451.84 tonnes of gold reserves, managed by its central bank, represent 68.33% of its total foreign reserves. These assets serve as a symbol of economic resilience, supporting Italy's stability within the Eurozone.
France
France holds 2,436.97 tonnes, constituting 69.99% of its reserves. Managed by the Banque de France, these holdings provide financial security and reflect a longstanding strategy to mitigate economic risks.
Russian Federation
With 2,335.85 tonnes of gold, Russia has significantly increased its reserves as a strategic response to geopolitical challenges and to diversify away from the U.S. dollar. This approach strengthens its economic resilience.
China
China’s 2,264.32 tonnes of gold, making up 4.91% of its reserves, demonstrate its gradual shift to diversify assets and reduce reliance on the U.S. dollar, supporting economic stability and policy flexibility.
Japan
Japan’s gold holdings total 845.97 tonnes (5.15% of its reserves), used mainly as a hedge against economic volatility and inflation.
India
India holds 840.76 tonnes, which account for 9.57% of its foreign reserves. Gold's cultural importance and the Reserve Bank of India's proactive strategies underline its value as a financial stabiliser.
Netherlands
The Netherlands’ 612.45 tonnes (61.61% of its reserves) underscore its commitment to monetary stability, with most gold stored within national vaults.
Turkey
With 584.93 tonnes, Turkey has increased its reserves in recent years, now comprising a significant portion of its total foreign reserves. The nation’s growing mining potential could further bolster its economic position.
Also Read | 7 continents in the world ranked from largest to smallest on the basis of size and population
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