These countries are hoarding the world's gold

YouTube/The Secret World of Gold

In the first quarter, demand dropped by 11 tonnes, or 1%, year-over-year.

"Top-line demand was broadly neutral - down just 11t (1%) despite substantial underlying differences across geographies and sectors," the report said.

"Pockets of strength in jewelery were balanced by weakness elsewhere as demand responded to local conditions in each market. Higher volumes in India, the US and the smaller South-East Asian markets were set against declines in China, Turkey, Russia and the Middle East."

On Thursday, gold continued its rally after breaking above the key $1,200 level on Wednesday.

Gold rose to as high as $1,1223 an ounce, the most in three months.

And so with gold demand broadly neutral, this chart shows which countries are holding the most gold.

World Gold Council