Reserve Bank of India (RBI) has initiated the transfer of 100 tonnes of its gold reserves from the United Kingdom. This marks the first repatriation of a portion of its overseas gold reserves since 1991. Prior to this, RBI held about 500 tonnes of gold abroad and 300 tonnes within India. With the repatriation of 100 tonnes, the distribution of gold reserves has now achieved a balanced 50-50 split, with 400 tonnes each in India and abroad. (Image: Reuters)
With speculation rife among experts regarding the rationale behind bringing gold back, specifically given the geopolitical developments such as US’ derecognition of Russia’s foreign exchange reserves. Concerns have been raised about countries looking to store gold domestically. Nonetheless, let’s take a look at the top-10 countries that own the most gold, according to the World Gold Council as of Q1 2024. (Image: Reuters)
No 1. Country: United States | Gold Reserves in tonnes: 8,133.46 | Gold Reserve in $ million: 579,050.15 (Image: Shutterstock)
No 2. Country: Germany | Gold Reserves in tonnes: 3,352.65 | Gold Reserve in $ millions: 238,662.64 (Image: Reuters)
No 3. Country: Italy | Gold Reserves in tonnes: 2,451.84 | Gold Reserve in $ million: 174,555.00 (Image: Reuters)
No 4. Country: France | Gold Reserves in tonnes: 2,436.88 | Gold Reserve in $ millions: 173,492.11.
No 5. Country: Russian Federation | Gold Reserves in tonnes: 2,332.74 | Gold Reserve in $ millions: 166,076.25 (Image: Reuters)
No 6. Country: China | Gold Reserve in tonnes: 2,262.45 | Gold Reserve in $ millions: 161,071.82 (Image: Reuters)
No 7. Country: Switzerland | Gold Reserves in tonnes: 1,040.00 | Gold Reserve in $ millions: 69,495.46
No 8. Country: Japan | Gold Reserves in tonnes: 845.97 | Gold Reserve in $ millions: 60,227.84
No 9. Country: India | Gold Reserves in tonnes: 822.09 | Gold Reserve in $ millions: 58,527.34
No 10. Country: Netherlands | Gold Reserves in tonnes: 612.45 | Gold Reserve in $ millions: 43,602.77 (Image: Reuters)
