Each and every country in the World possess their own gold reserves. The country’s gold reserves are with their Central Bank. There are many countries in the World which uses their gold reserve to generate revenue by selling gold when rate is high and buying gold when rate is low. But usually Central Bank stores gold reserves as an emergency currency, a incident against unforeseen events, to pay depositors, as a store value and to support the value of national currency.
In context to gold holdings Bank of England says ‘a war chest’ and the ‘ultimate asset to hold in an emergency’.
When we talk about India, Indians with 23000 to 24000 tonnes of gold worth $800 billion (Approximately 54.51 lakh crores) are the largest consumer of gold in the world but when it comes to gold reserve with 607 tonnes the Central Bank of India has 11th largest gold reserve in the world.
According to the latest report by World gold council USA with 8133.5 tonnes of gold has the highest gold reserve in the world. When we compare USA’s gold reserve with India’s gold reserve India lacks far behind but when it comes to Indians who are largest consumer of gold in the world USA lacks far behind.
Top Central Banks with Largest Gold reserve
1. United States-8133.5 tonnes
2. Germany-3369.7 tonnes
3. International Monetary Fund-2814.0 tonnes
4. Italy-2451.8 tonnes
5. France-2436.0 tonnes
6. Russia-2119.2 tonnes
7. China-1864.3 tonnes
8. Switzerland-1040.0 tonnes
9. Japan-765.2 tonnes
10. Netherlands-612.5 tonnes
11. India-607.0 tonnes