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Which countries hold the largest gold deposits in the world?

By Finserv MARKETS - Aug 2,2019
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Which countries hold the largest gold deposits in the world?


For years now, gold has been accorded a privileged position. It is considered the backbone of a solid monetary system. Throughout the world, gold is valued not just for its value but also for the role it has played in economic and cultural history. It has historically been an excellent hedge against inflation. Even today, gold activity is closely monitored. According to the recent figures released by the World Gold Council, central banks – mostly from the emerging markets – continue to accumulate gold at a healthy pace:

Which countries hold the largest gold deposits in the world?
In the first quarter of 2019, gold purchases hit the highest level in six years, as nations diversify their assets away from the US dollar. A gold reserve is the gold held by a national central bank or such authority as a store of value, or to support the value of the national currency. Let’s have a look at the countries that were holding the largest gold reserves in the world as of June 2019:


Reserves (Tonnes)

United States








Russian Federation


China, P.R.: Mainland










1. United States



The United States currently holds 8,133.5 tonnes of gold. In fact, when the Bretton Woods system was prevalent, the U.S. reportedly had more than 90% of the entire world’s gold reserves. Even today, the position is strong, with almost 75% of its foreign reserves made up of gold.

2. Germany

Germany has the second highest gold reserves at 3,368 tonnes. Germany only keeps about one-third of its gold reserves in its country.

3. Italy

At gold reserves of 2,451.8 tonnes, Italy has also maintained its reserves over the years. Currently, the gold reserves are embattled between the recovery from the Eurozone crisis and the political fray. The future looks uncertain for these gold reserves and the ownership is riddled with questions, but for now, Italy has maintained its position.

4. France

With 2,436 tonnes of gold reserves, France is close on its heels. Reportedly, Bank of France is also working towards boosting its gold bullion services.

5. Russia

At around 2183 tonnes, Russia overtook China as the fifth-largest holder of the yellow metal in 2018 and has maintained the streak.Russia mainly sold U.S.Treasury bonds to buy the billion.


China holds 1900 tonnes of gold reserves, and this consistent position is because it wants to soften the blow of a slowdown. Even though it was pushed down by a notch by Russia, it is still going steady.

7. Switzerland

Switzerland holds 1040 tonnes of gold reserves. There’s also history here, when it comes to gold. During World War II, the neutral country became the center of the gold trade in Europe, making transactions with both the Allies and Axis powers. Today, much of its gold trading is done with Hong Kong and China.

8. Japan

Japan has also been a consistent presence in this list, currently standing on 765 tonnes of gold.

9. India

India, due to the cultural connotations, is a steady driver of demand for gold. It also happens to hold 612.6 tonnes of gold, beating the Netherlands by just a wee margin.

In India, the gold reserves have been increasing steadily:

Which countries hold the largest gold deposits in the world?

10. Netherlands

The Dutch Central bank repatriated a large amount of its gold from the U.S last year. Today it stands at 612.5 tonnes of gold.


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