‘India ranks 11th in gold holding’

2 min read
  1. A recent report by World Gold Council has ranked India 11th in terms of gold holding. India’s current gold holding is 607 tonnes. Gold holding is a central banks’ total holding of gold as a percentage of their foreign exchange reserves. India is the largest consumer of gold.
  2. USA has ranked first in gold holding followed by Germany, International Monetary Fund (IMF), Italy and France. Among Asian countries, Mainland China (7) and Japan (9) have more gold reserves than India.
  3. The World Gold Council is the market development organisation for the gold industry. It is an association of world’s leading gold producers. The functions of World Gold Council are a) Developing policies and setting industry standards, b) Strengthening market infrastructure, c) providing global gold market data, d) enhancing new investment to gold, e) Supporting and advising central banks and sovereign wealth funds, and f) providing a platform for global dialogue on gold.