Gold has always played an important role in the international monetary system.
Many countries used gold as currency before the introduction of the paper money. After the introduction of currency also gold stood unchanged. The yellow metal is used both as jewellery and investments.
Gold Reserves are country's gold assets held or controlled by the central bank.
Check out the list of top 10 countries with the largest gold holdings according to the World Gold Council (WGC):
1. United States
The US stands in the first place with 8,133.5 tonnes gold reserves. Percent of foreign reserves is 74.9 percent. The US holds most of its gold at the US Bullion Reservatory at Fort Knox. The U.S. lays claim to nearly as much gold as the next three countries combined. The US is there in the list of highest gold allocations as a percentage of its foreign reserves.
This western European country has 3,381-tonne gold reserves. Percent of foreign reserves is 68.9 percent. Germany is in the process of repatriating its gold from foreign storage locations, including New York and Paris.
Italy has a reserve of 2,451.8 tonnes of gold. The percent of foreign reserves is 68 percent. Over the years Italy has maintained the gold reserve size. Italy is getting good support from European Central Bank President.
France is placed fourth in the list with a reserve of 2,435.7 tonnes of gold. The percent of foreign reserves of France is 62.9 percent. France's central bank has sold little of its gold over the past several years.
China is world's largest gold producer. China stands in the 5th position with a reserve of 1,797.5 tonnes. The percent of foreign reserves is 2.2 percent. In the past few years, China has been buying up and mining massive amounts of gold from around the world. 6 Mistakes To Avoid When Buying Gold Jewellery This Festive Season
Russia has gold reserve of 1,460.4 tonnes. The percent of foreign reserves is 15 percent. In 2015, Russia was the top buyer of gold.
Switzerland is in 7th position with 1,040 tonnes gold reserve. The percent of foreign reserves is 6.7 percent. Switzerland has the world's largest reserves of gold per capita. Now, most of the country's gold trading is done with Hong Kong and China.
Japan is world's third largest economy and it is also on the top ten list of largest gold reserves. Japan is the eighth country with 765.2 tonnes of gold reserve in the world. The percent of foreign reserves is 2.4 percent
Netherland is in the ninth position with 612.5 tonnes of gold reserve. The percent of foreign reserves is 61.2 percent.
Indians are very fond of gold. India is one of the largest consumers of gold in the world. India has a gold reserve of 557.7 tonnes. The percent of foreign reserves is 6.3 percent. 5 Banks And Gold Loan Companies To Take A Gold Loan From