India 11th in World’s largest Gold Reserves!

Gold has remained as one of the most sought after asset in the world even in the times of economic slowdown continues to be a safe bet for investors. Gold is held as valuable resource by a country’s central bank as it is a guarantee against note holders, depositors etc.

The consumption of gold throughout the world is about 50% in jwellery, 40% in investment and 10% in the industry. The world’s biggest gold reserve is held by the United States at 8133.5 tonnes. And it constitutes of 74.7% of the nation’s foreign exchange reserve.

The United States, leading as the world’s largest gold reserve is followed by Germany at 3,401 tonnes and 71.7% of foreign exchange reserve, the International Monetary Fund (IMF) at 2,814 tonnes, Italy 2,451 tonnes, France 2,435 tonnes, China 1,054.1 tonnes, Switzerland (1,040.1 tonnes), Russia (830.5 tonnes), Japan (765.2 tonnes), The Netherlands (612.5 tonnes), India (557.7 tonnes), European Central Bank (502.1 tonnes), Taiwan (423.6 tonnes), Portugal (382.5 tonnes), Venezuela (365.8 tonnes), Saudi Arabia (322.9 tonnes), United Kingdom (310.3 tonnes), Lebanon (286.8 tonnes), Spain (281.6 tonnes) and Austria at 280 tonnes.

Source: http://www.rediff.com/business
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