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INDIA'S POSITION IN GOLD RESERVES

Context: World Gold Council (WGC) has recently released the rankings of the countries with respect to the gold reserves.
INDIA'S POSITION IN GOLD RESERVES: Daily Current Affairs: 5th September 2019: The Hindu+PIB

Key Highlights 

According to the report, U.S. is at the top with 8,134 tonnes followed by Germany with 3,367 tonnes.

INDIA has pulled back the Netherlands to move into the list of top 10 countries in terms of total gold reserves.

As WGC findings, India has a total gold reserves of 618.2 tonnes, which is marginally higher than that of Netherlands’ reserves of 612.5 tonnes.

In terms of individual nations, India occupies the 9th rank since the International Monetary Fund (IMF) occupies the 3rd position after the U.S. and Germany.

Apart from U.S. and Germany, the top 10 list includes IMF at 3rd with a holding of 2,451.8 tonnes, which is followed by Italy (2,451.8 tonnes), France (2,436.1 tonnes), Russia (2,219.2 tonnes), China (1,936.5 tonnes), Switzerland (1,040 tonnes) and Japan (765.2 tonnes) with India at the 10th spot.

Gold reserves of India have grown substantially in the past couple of decades from 357.8 tonnes in the first quarter of 2000 to the current 618.2 tonnes.

Pakistan is standing unchanged at the 45th position with total gold reserves of 64.6 tonnes.



About World Gold Council

The World Gold Council is the market development organisation for the gold industry whose purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market.

Its members are the world’s largest and most forward-thinking gold mining companies. It is based in the UK, with operations in India, China, Singapore and the US , and is the lead for the gold industry worldwide.

The World Gold Council has 26 members which are headquartered across the world and have mining operations in over 45 countries.


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