In August 2024, the global financial market continues to focus on gold as one of the most significant commodities. Historically, gold has been considered a safe haven during economic uncertainty, and it still plays a crucial role in the reserve funds of many countries. Below, we look at the top 10 countries by gold holdings as of August 2024, including the current amount of gold held.
1. United States of America (USA)
United States remains at the top of the global gold holdings list with approximately 8,133.5 metric tons of gold. This vast amount of gold forms a substantial part of its foreign reserves, and the USA is one of the few countries that has not significantly changed its gold reserves for several decades. The gold reserves are mainly stored in Fort Knox, Kentucky, and other depositories across the country.
2. Germany
Germany is the second country on the list with around 3,362.4 metric tons of gold. The Bundesbank, Germany’s central bank, plays a key role in managing these reserves. In recent years, Germany has repatriated significant amounts of gold from foreign depositories, particularly from the USA and France, strengthening its financial independence.
3. Italy
Italy holds the third position with approximately 2,451.8 metric tons of gold. Banco d’Italia, the central bank of Italy, manages these reserves. Despite economic challenges, Italy continues to view gold as a key element of its monetary policy and stabilization fund.
4. France
France has the fourth-largest gold reserves in the world, totaling around 2,439 metric tons. The Banque de France, the central bank of France, is responsible for managing these reserves. France maintains a conservative approach to holding gold, considering it a strategic tool for ensuring financial stability.
5. Russia
Russia, with approximately 2,301.6 metric tons of gold, ranks fifth. The Central Bank of the Russian Federation (CBR) has significantly increased its gold reserves in recent years as part of a broader strategy to diversify and reduce reliance on the US dollar. This move is seen as a measure against sanctions and geopolitical pressures.
6. China
China holds the sixth position with approximately 1,948.3 metric tons of gold. The People’s Bank of China, the central bank of China, gradually increases its gold reserves as part of a broader strategy to strengthen the yuan as a global currency. China also invests significantly in domestic gold mining.
7. Switzerland
Switzerland, known for its stable financial system, holds around 1,040 metric tons of gold. The Swiss National Bank manages these reserves. Switzerland, traditionally viewed as a safe haven for investors, considers gold a key element of its monetary policy and financial stability.
8. Japan
Japan, with approximately 845.9 metric tons of gold, occupies the eighth position. The Bank of Japan, Japan’s central bank, manages these reserves. Despite its high public debt, Japan views gold as an important element for diversifying its reserves and hedging against currency risks.
9. India
India has the ninth-largest gold reserves, totaling around 743.8 metric tons. The Reserve Bank of India, the central bank of India, manages these reserves. India is also one of the largest consumers of gold in the world, reflecting the cultural and economic significance of gold in the country.
10. Netherlands
Netherlands closes the list of the top ten gold holders with approximately 612.5 metric tons of gold. De Nederlandsche Bank, the central bank of the Netherlands, manages these reserves. In recent years, the Netherlands has also repatriated a significant portion of its gold reserves to strengthen its financial autonomy.
Current Trends and Perspectives
Gold holdings are continuously increasing in 2024, as countries worldwide view gold as a key element of their financial stability and monetary policy. Despite changing economic conditions and geopolitical challenges, gold remains an attractive investment. In the context of rising global uncertainties, including inflation and geopolitical conflicts, countries continue to increase their gold reserves as a hedge against economic risks.
Conclusion
The top 10 countries by gold holdings as of August 2024 represent a diverse group of states that view gold as a key element of their financial strategy. From the United States to the Netherlands, these countries accumulate gold for its historically proven value and stabilizing function in times of uncertainty. With total gold holdings exceeding tens of thousands of tons, gold remains one of the most important assets in the global economy.
