India among top 10 nations in gold reserves

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News: According to the latest release by the World Gold Council, India has ranked 10th in the country list with total gold reserves of 618.2 tonnes.

Facts:

  • USA has been ranked 1st with total gold reserves of 8,133.5 tonnes followed by Germany, International Monetary Fund (IMF), Italy, France, Russia and China. Pakistan holds the 45th position.

Additional Information:

World Gold Council (WGC)

  • The World Gold Council is the market development organisation for the gold industry. It is an association of world’s leading gold producers.
  • It was established in 1987 and is headquartered in United Kingdom.

Gold Reserves

  • Gold reserves are central banks’ total holding of gold as a percentage of their foreign exchange reserves.
  • WGC gold reserve data are based on International Monetary Fund’s International Financial Statistics (IFS) which tracks central banks’ reported purchases and sales along with gold as a percentage of their international reserves.

International Monetary Fund

  • The International Monetary Fund (IMF) is an organization of 189 countries. It was established in 1945.
  • The main goal of IMF is to ensure the stability of the international monetary system. It also seeks to facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.