These are the 20 countries with the highest gold reserves
- The Reserve Bank of India is reportedly looking to increase the gold reserves of the country to 10%, according to a media report.
- India has gold reserves worth $33.9 billion as of June.
- Here’s a list of countries with the highest gold reserve as of August 2020, according to the latest data from the International Monetary Fund and the World Gold Council.
Gold has traditionally been considered as the ‘safe haven’. And with this current uncertainty and economic crisis faced worldwide due to the coronavirus pandemic, global central banks have been gathering on to their stockpiles of this precious metal.
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The Reserve Bank of India is reportedly looking to increase the gold reserves of the country to 10%, according to a media report. Rising gold reserves will act as a defence in case the economic crisis worsens in the near future.
The RBI is likely to prepare a roadmap and will discuss it further in October. “One of the RBI board members raised the issue on the need to diversify towards gold and less of US securities,” sources told ET.
AdvertisementHere’s a list of countries with the highest gold reserve as of August 2020, according to the latest data from the International Monetary Fund and the World Gold Council.
India has gold reserves worth $33.9 billion in June. Moreover, it has been slightly increasing the total amount of gold reserves since February this year. It added 6.8 tonnes of gold in February, followed by 11.2 tonnes of gold in March, 1.2 tonnes of gold in April, and 2.8 tonnes of gold in May, according to the data.
|Country||Tonnes||% of reserves|
|China, P.R Mainland||1948.3||3.4%|
|Republic of Kazakhstan||378.5||65.5%|
|Republic of Uzbekistan||342.8||60%|
China has been reportedly increasing its gold reserves too.
Gold has been among the best performing asset classes this year. It had hit a high of above $2000 an ounce earlier this month.
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