File photo of gold bars
The World Gold Council has released a comprehensive list of countries with the highest gold reserves as of the first quarter of 2024.
The UK-based international trade association for the gold industry, in its latest estimates, placed the United States of America in first place with a reserve of 8133.46 tonnes of the commodity.
This was followed by Germany, which had an estimated gold reserve of 3,352.21 tonnes, and Italy with 2451.84 tonnes, according to its ranking of gold reserves by country in Q1 2024.
France came in fourth place with 2436.91 tonnes, while the Netherlands was ranked in the 10th and last spot with gold reserves amounting to 612.45 tonnes.
For a key commodity like gold, many countries hold onto it for various reasons. For instance, gold serves as a stable commodity with value. It also serves as a confidence booster for a country's economy during headwinds and economic uncertainty.
In all, gold is a key asset that helps countries diversify their investment portfolio, reducing risks among other benefits.
See 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
MA/NOQ
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