Global Gold Reserves: Here's Where India Stands In Global Ranking Read On

(MENAFN- AsiaNet News)

Many countries are steadily increasing their gold reserves right now. China just grabbed the fifth spot in global gold holdings. You might wonder how much gold India actually holds and what our rank is

We all know gold plays a massive role in the global economy. These gold reserves protect a country's financial foundation during tough times. China showed massive aggression in the latest global data for gold reserves. The country pushed Russia behind to become the fifth-largest gold-holding nation in the world. Only the USA, Germany, Italy, and France stay ahead of China right now.

The Kobeissi Letter, a popular financial platform, released these new numbers. China currently holds a massive 2,410 tonnes of gold. The country is inching very close to the top-three list. France holds 2,437 tonnes, while Italy sits at 2,452 tonnes.

This means China trails France by just 27 tonnes and Italy by 42 tonnes. India secured the eighth spot on this list with 881 tonnes of gold. You should note that China holds almost three times more gold than India.

The People's Bank of China, which is the Chinese central bank, is buying gold non-stop. Experts predict a major shift if this buying speed continues. They expect China to cross France and Italy by the end of this year. This move will make China the third-largest gold-holding country in the world.

China kept buying gold for the last 23 months without a single month's gap. The Chinese bank bought over 23 tonnes of gold in September alone. This marks China's biggest single-month purchase in the past one year. The country previously added over 20 tonnes to its treasury in both July and August. China bought a total of over 103 tonnes of new gold this year till September.

Countries are aggressively increasing their gold reserves on one side. Gold and silver prices are touching the sky in the global market on the other side. Bloomberg data shows gold prices hitting a record 4,207 dollars per ounce internationally. Silver prices also picked up pace and currently trade at 61.12 dollars per ounce.

Two main reasons caused this sudden spike in gold prices.

1. Falling crude oil prices reduced inflation worries significantly.

2. Investors expect the US Central Bank to stop interest rate hikes. They view gold as a safe investment and are pumping heavy money into it again.

The Kobeissi Letter data reveals the top 10 countries with the highest gold reserves in tonnes.

1. USA: 8,133

2. Germany: 3,351

3. Italy: 2,452

4. France: 2,437

5. China: 2,410

6. Russia: 2,305

7. Switzerland: 1,040

8. India: 881

9. Japan: 846

10. Netherlands: 613

Note: This list does not include the International Monetary Fund (IMF) reserves. The IMF holds around 2,814 tonnes of gold.

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