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India is the world’s 11th largest player in terms of gold reserves with the country’s central bank.
Data compiled by the World Gold Council (WGC) showed that India has a total reserves of 557.7 tonnes of gold in its kitty as on today.
United States leads with 8,133.5 tonnes of gold reserves, followed by Germany (3,391.3 tonnes), International Monetary Fund (IMF – 2,814 tonnes), Italy (2,451.8 tonnes) and France (2,435.4 tonnes).
Despite opening up its gold market 10 years after India did, China accumulated 1,054.1 tonnes of gold in the country’s reserves. China is set to surpass India’s annual gold consumption this year as forecast by the World Gold Council.
Switzerland with 1,040.1 tonnes, Russia - 981.6 tonnes, Japan and Netherlands with 765.2 tonnes and 612.5 tonnes respectively are way ahead of India’s gold holding in the government’s kitty.
European Central Bank (ECB), Taiwan, Portugal, Turkey, UK and Spain are some of the countries that have lesser quantity of gold in the government’s reserves.
