Gold prices have once again hit a record high, touching ₹84,645 per 10 grams in New Delhi on February 1. This surge, driven by strong domestic demand and favorable global market trends, marks the third consecutive session of price hikes. Since the beginning of the year, gold has gained ₹5,500 per 10 grams, reflecting growing investor interest in the precious metal.

With gold prices soaring, global reserves of the metal have also become a focal point. According to the latest data from the World Gold Council (Q2 2024), a few countries continue to hold the lion’s share of the world’s gold reserves, with the United States leading the list. As economic uncertainties persist, these nations see gold as a critical asset.

Global Rankings On Gold Reserves

The US holds the largest gold reserves in the world weighing 609,527.85 tonnes with a total value of $8.133 billion. Germany with 251,166.13 tonnes with a value of $3,351 billion ranks second. Italy, France, Russian federation follows the line. India ranks 8th in the list. India’s gold reserves are valued at $840.76 million and weigh 63,007.20 tonnes. As a country with cultural affinity for gold, India maintains substantial reserves to protect its economic interests. Turkey with 43,834.93 tonnes of gold Turkey reserves are worth $584.93 million ranks at 10.

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Why do countries keep gold reserves?

Gold reserves are essential for a country’s economic stability, acting as a safeguard during uncertain times. In the late 1800s and much of the 1900s, countries followed the gold standard, linking the value of their paper money to a set amount of gold. This meant that each currency unit was backed by physical gold, which people could exchange their paper money for at a fixed rate. This system provided trust and security in a nation’s economy by ensuring the value of its currency remained reliable.