The 10 countries with the biggest piles of gold

Official gold holdings: 608.7 tonnes

Percent of foreign reserves in gold: 6.4%

As the global economy slows, emerging markets have looked to increase holdings of the yellow metal. In India, reserves have been increasing steadily since last August.

Official gold holdings: 612.5 tonnes

Percent of foreign reserves in gold: 65.9%

The Netherlands has also moved to bring its gold reserves closer to home in recent years. In 2014, the Dutch central bank said repatriating some of its holdings from New York would have "a positive effect on public confidence."

Official gold holdings: 765.2 tonnes

Percent of foreign reserves in gold: 2.5%

Japan's share of global foreign exchange reserves rose to a 15-year high at 5.2% last year, according to the IMF. But gold only accounts for a relatively small portion of that, about the same percent as China.

Official gold holdings: 1,040 tonnes

Percent of foreign reserves in gold: 5.5%

With a population of about 8.4 million, Switzerland is said to have the largest gold reserves per capita.

Official gold holdings: 1,874.3 tonnes

Percent of foreign reserves in gold: 2.5%

As China pursues stimulus measures to soften the blow of a long-expected slowdown, its central bank has also been steadily increasing its gold reserves. March marked the fourth consecutive month of gains.

Official gold holdings: 2,150.5 tonnes

Percent of foreign reserves in gold: 19.1%

In a bid to reduce reliance on American assets, Russia has been buying more of the yellow metal. Its reserves have quadrupled over the past decade, according to Bloomberg.

Official gold holdings: 2,436 tonnes

Percent of foreign reserves in gold: 61.1%

Last year, Reuters reported the Bank of France began working to improve the quality of its gold reserves. The move was meant to help it trade on the international market.

Official gold holdings: 2,451.8 tonnes

Percent of foreign reserves in gold: 66.9%

Following the rise of the populist 5 Star Movement, the future of the yellow metal in Italy appears uncertain. Earlier this month, Rome proposed that official ownership of gold reserves be transferred from the Bank of Italy to the public.

Official gold holdings: 3,369.7 tonnes

Percent of foreign reserves in gold: 70.6%

Germany repatriated billions of dollars' worth of its gold in 2017, a move central banks in the eurozone have been taking to bolster public confidence. Some of its reserves had previously been held in Paris and New York.

Official gold holdings: 8,133.5 tonnes

Percent of foreign reserves in gold: 74.9%

The US is reported to hold significantly more gold reserves than other countries — over twice that of the next two countries together. Between 1913 and 1961, the Federal Reserve was required to hold gold equal to up to 40% of the value of the currency.