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
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.
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.