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See the countries with the highest gold reserves in 2024, Ghana missing in top 50

Business

21 days ago
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The World Gold Council, a prominent international trade association for the gold industry headquartered in the United Kingdom, has published a comprehensive list of countries with the highest gold reserves as of the first quarter of 2024.

According to the latest estimates by the World Gold Council, here are the rankings of gold reserves by country in Q1, 2024:

1. USA - 8133.46 Tonnes 
2. Germany - 3,352.21 Tonnes 
3. Italy - 2451.84 Tonnes 
4. France - 2436.91 Tonnes 
5. Russian Federation - 2,332.74 Tonnes 
6. China - 2,262.45 Tonnes 
7. Switzerland - 1040.00 Tonnes 
8. Japan - 845.97 Tonnes 
9. India - 822.09 Tonnes 
10. Netherlands - 612.45 Tonnes

Purpose of Gold Reserves

Countries maintain gold reserves for several strategic reasons. Gold is perceived as a stable and reliable store of value, especially during times of economic uncertainty, helping bolster confidence in a nation's economic stability. While the gold standard is no longer in widespread use, some countries view gold reserves as a means to support the value of their currency and maintain stability.

Gold serves as a tangible asset that allows countries to diversify their investment portfolio, reducing risks associated with fluctuations in other asset classes. It often exhibits an inverse correlation with the US dollar, providing a hedge against market volatility and safeguarding reserves during currency fluctuations.

Gold reserves are utilized in international trade to settle imbalances and as collateral for loans, enhancing a country's creditworthiness and global economic standing. Additionally, gold's value tends to rise during economic crises or geopolitical uncertainties, offering protection against inflation and currency devaluation.

Which countries have the most gold reserves?

The top three countries with the highest gold reserves are the United States, Germany, and Italy. The United States leads with a significant margin, followed by Germany and Italy.

Where does Ghana rank in terms of gold reserves?

Ghana, a major gold producer globally, ranks 74th with 8.7 Tonnes of gold reserves as of January 2024.

 

source: Graphiconline.com