Gold prices soared to a record high on Thursday, and with this rise, we take a closer look at the countries holding the most gold reserves. The US, Germany, and Italy are leading the pack as the precious metal remains in strong demand amid escalating geopolitical and economic uncertainties.
Gold’s appeal as a safe-haven asset continues to grow, with central banks playing a key role in driving the rally. Its status as a reliable store of value, coupled with its liquidity and return potential, makes it a critical component of central bank reserves.
According to the World Gold Council, central banks purchased more than 1,000 metric tons of gold in 2024, marking the third consecutive year of significant buying, roughly double the average annual purchases of the past decade.
As of the fourth quarter of 2024, the United States holds the largest gold reserves in the world, with 8,133.5 tonnes stored at Fort Knox.
Germany follows with 3,351.5 tonnes, while the International Monetary Fund (IMF) holds 2,814 tonnes. Italy and France round out the top five, with 2,451.8 tonnes and 2,437 tonnes, respectively.
Other major gold reserve holders include Russia (2,329.6 tonnes), China (2,284.5 tonnes), Switzerland (1,039.9 tonnes), India (879 tonnes), Japan (846 tonnes), and Turkey (619.9 tonnes). Central bank gold buying has continued into 2025, with Poland, India, China, Kyrgyzstan, and Uzbekistan leading the charge.
Asia:
India is the dominant gold holder in South Asia, with a total of 940.92 tonnes, adding 22.54 tonnes in 2024. Pakistan holds 64.7 tonnes, ranked 49th as of January 2025.
In East Asia, total gold reserves amount to 3,229.97 tonnes, with China holding the largest share, followed by Japan and South Korea.
Western Europe:
Gold reserves in Western Europe total 11,773.55 tonnes, surpassing those in North America. Germany, Italy, France, and Switzerland lead the region, followed by the Netherlands, Portugal, and the United Kingdom.
The price of gold has surged due to a mix of factors, including tariff uncertainty, potential interest rate cuts by the US Federal Reserve, and ongoing tensions in the Middle East. So far in 2025, gold has reached 16 record highs, with four crossing the $3,000 threshold.
Rising global debt, fears of a potential recession, and a global monetary easing cycle have prompted investors to flock to gold as a hedge.
Analysts predict that gold could continue its upward climb, potentially reaching $3,500, further cementing its status as a go-to asset independent of political and economic sanctions.