10 Countries With Biggest Gold Reserves

Bangalore: With gold prices hitting high and trading at $1,672.70 at present, here are 10 countries which hold the highest gold reserves in the world, according to the World Gold Council.

According to World Gold Council, gold purchase by central banks of different countries summed up to 77 tonnes in 2010, which rose to 439.7 tonnes in 2011, where Mexico, Russia and South Korea were some of the least buyers. Due to this rise, Global Demand for Gold rose to 4,067.1 tonnes, worth an estimated $205.5 billion. Let’s check out the ascending list of these countries -

10. India

Gold Holdings: 557.7 tonnes

Percent of Foreign Reserves in Gold: 9.2 percent

India’s central bank that is Reserve Bank of India’s gold holding is the least among the major economies. RBI is known to buy International Monetary Fund gold and considers investment in gold as a safe investment. But India is the largest country with a gold demand of 933.4 tonnes, which is a quite significant figure considering fact that fluctuating and increasing gold prices and rupee weakening against U.S. dollar. India’s gold reserves are worth approximately $33 billion.

9. Netherlands

Gold Holdings: 612.5 tonnes

Percent of Foreign Reserves in Gold: 59.8 percent

Netherlands’ central bank, that is, Dutch National Bank (DNB), sold 1,100 tonnes of gold since 1991 but the bank considers gold as the “only reserve and anchor of trust in times of financial crisis”, according to Zero Hedge and thus holds it for diversification purposes. Whereas Nout Wellink, President of the Dutch Central Bank, has previously said that the DNB doesn't intend to sell gold. Netherland’s gold reserves are worth approximately $36 billion.