Gold reserves held by central banks around the world

With 8,133.5 tonnes, the United States of America holds the biggest gold reserve in the world. A total of 76 per cent of the foreign reserves in US consists of gold. The majority of US gold is held at Fort Knox in Kentucky, while the rest is at the Philadelphia Mint, Denver Mint, San Francisco Assay Office and West Point Bullion Depository.

Germany is the second biggest hoarder of gold in the world. At 3,366.8 tonnes Germany has over 72 per cent of its foreign reserves in the form of gold. Germany has been steadily increasing its stock of the yellow metal following the global financial crisis.

International Monetary Fund (IMF) is an organisation of 189 countries whose purpose is to ensure stability of the world's monetary system. Member countries can transact with the IMF using gold. For example,  if a member country wishes to buy currency of another country, then gold can be used as a method of payment. It has 2,814 tonnes of the precious metal.

Italy is the fourth largest holder of gold in the world with 2451.8 tonnes of the yellow metal. Gold dominates the Italian foreign reserves portfolio with a massive share of 67.4 per cent.

At 2,436 tonnes, France is the fifth biggest holder of gold in the world. A total of 60.8 per cent of the foreign reserves of France consists of gold. France keeps its gold in a valut constructed between 1924 and 1927. Around 1,200 workers laboured day and night to construct the famous Souterraine. Built 29 metres below the level of the River Seine, this huge underground vault covers an area of 10,000 square metres and is supported by 720 pillars.

Russia is the sixth biggest holder of gold in the world. In the past decade Russia quadrupled its gold reserves to 2207 tonnes, which is valued at $100 billion. As a share of Russia's foreign reserves gold accounts for only 19.6 per cent. In 2018, Russia overtook China to secure the sixth position on the list.

At 1,926.5 China ranks seventh on the list. Gold consists of only 2.8 per cent of Chinese foreign reserves. In 2019 People's Bank of China, in a move to diversify from the US dollar, bought gold for seven consecutive months, adding almost 74 tonnes of gold to its portfolio.

On the eighth place is Switzerland. At 1040 tonnes, Switzerland has the world's largest reserves of gold per capita. Swiss gold accounts for 5.7 per cent of the foreign reserves.

Japan, the world's third largest economy, is also the eighth largest holder of the precious metal. With 765.2 tonnes, gold accounts for 2.7 per cent of Japanese foreign reserves.

At 618.2 tonnes India has the tenth biggest stock of gold in the world. Gold accounts for 6.5 per cent of India's foreign reserves. India is also the second biggest consumer of gold in the world.