Gold is something magnificent and expensive. It is an element loved by all. There are huge reserves of it in some countries and usually, that’s the reason for that country to be rich.
Gold prices fluctuate a lot, ranging from very low to twice or thrice the price. These days for an ounce of Gold, it revolves around $1,319. According to the World Gold Council, I would like to share the following top 20 countries with highest gold reserves.
You will be amazed to know that Saudi Arabia is not even in the top 10. Saudi Arabia ranks at number 15 in the countries with highest Gold reserves. India has more Gold reserves than Saudi Arabia.
01-United States: On the top lies the U.S with its gold reserves of 8,133.5 tons with 76% of foreign gold reserves.
02-Germany: On 2nd position is Germany holding gold reserves of 3,378.2 tons with 70% of foreign gold reserves.
03-Italy: About 2,451.8 tons of gold reserves are with Italy taking it to the third position. The foreign gold reserves are 69 percent
04-France: France ranks 4th with reserves of 2,435.8 tons and the percentage of foreign reserves in gold is 65%
05-China: With Official gold holdings of 1,823 tons China is on 5th and 2% foreign gold reserves.
06-Russia: 1498 tons are with Russia of gold and 16% reserves of foreign gold.
07-Switzerland: 1,040 tons of official gold reserves are with Switzerland with foreign gold reserves of 7%
08-Japan: On 8th position is Japan with 765.2 tons and 3% of foreign reserves in gold.
09-Netherlands: It is on 9th position with 612.5 tons and 63% of foreign gold reserves
10-India: India is on 10th highest rank with 557.7 tons of gold reserves. Foreign gold reserves are 6%
11-Turkey: 474 tons of reserves of gold take Turkey on 11th position with also 17% foreign reserves of gold
12-Taiwan: Taiwan lies on 12th position with 422 tons of reserves of gold. It has 4% of foreign gold reserves.
13-Portugal: Portugal is at 13th rank with 382.5 tons of gold reserves. Also, there are 71% of foreign reserves of gold.
14-Saudi Arabia: The Kingdom of Saudi Arabia is gold-rich country ranking on 14th position worldwide with 322.9 tons of gold reserves. It is with 2% of foreign gold reserves.
15-United Kingdom: U.K is on 15th position with 310.3 tons of gold reserves and foreign reserves in gold of 9%
16-Lebanon: Lebanon ranks 16th worldwide gold rich country with 286 tons of gold and foreign reserves in gold of about 24%
17-Spain: Spain with 281.6 tons reserves of gold ranks on the 18th. The foreign gold reserves are 20%
18-Austria: 280.0 tons of reserves of gold are with Austria which takes it to 18th position with foreign reserves in gold of 45%
19-Kazakhstan: Kazakhstan has recently been promoted to a 19th position in the list with gold reserves of 238 tons and 33% of the gold share of foreign exchange reserves.
20-Belgium: The last but not the least 20th position is of Belgium with 227.5 tons of reserves of gold and foreign gold reserves of 38%.
Many people raise a question that when Saudi Arabia is going through a comparatively bad financial situation, why don't they liquidate their gold reserves? Well, it is not so simple. As soon as you start doing this, the gold price will significantly fall causing losses to all these countries.