India: 10th largest Gold Reserve in the World | 05 Sep 2019
According to the World Gold Council, India has gold reserves totalling 618 tonnes, the 10th largest gold reserve in the world.
- U.S has the highest gold reserves with 8,133.5 tonnes of total gold reserves, followed by Germany with 3,366.8 tonnes and the International Monetary Fund (IMF) with a holding of 2,451.8 tonnes,
- India’s gold reserves have grown substantially in the past couple of decades from 358 tonnes in 2000 to the current 618 tonnes.
- India’s entry into the list of top ten countries comes at a time when the quantum of monthly purchases is the lowest in over three years.
World Gold Council
- The World Gold Council(WGC) is the market development organisation for the gold industry.
- Headquartered in London, the WGC covers the markets which comprise about three-quarters of the world's annual gold consumption.
- WGC seeks to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market.
- It intervenes in global markets to make gold more accessible, devising solutions to broaden the understanding and use of gold as an investment asset.