10 Countries with Highest Gold Reserves
Bangalore: Planning Commission said that declining gold and crude oil prices will have a favorable impact on the country's macro-economic parameters especially the Current Account Deficit (CAD), which rose to all-time high level of 6.7 per cent for the quarter ended December 2012.
On one hand where shoppers are flocking to buy gold taking full advantage of the opportunity, on the other hand economists and market experts are considering it a bad news. According to the world gold council the global official gold holdings totaled 31,694.8 tonnes as of April 2013. Read on to know 10 countries that have the highest gold reserves, listed by Business Insider.
10. India
Official Gold Holdings: 557.7 tonnes
Percent of Foreign Reserves In Gold: 9.6 percent
Since the gold prices plunged, Indians are not letting off go any chance to buy the precious metal. The Indian government has been trying hard to stop people from buying gold as the gold imports are being blamed to mount the country’s current account deficit.
Gold imports are likely to go down by about 25 per cent this month to around 53.25 tonnes compared to the same period last year due to the declining gold prices, a bullion trade body said. In April 2012, India had imported about 71 tonnes gold.
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