Gold has not just climbed this year; it has surged like never before. Since September, prices have been on a relentless upward run, surpassing the all-time high of $4,000 per ounce on Wednesday. Spot gold alone has shot up over 50 percent, turning it into one of the strongest performing assets in the world.
The latest figures from the World Gold Council show central banks added at least 15 tonnes in August alone, bringing year-to-date purchases to solid levels. Here's a rundown of the top 10 countries by official gold reserves, measured in tonnes.
1. United States – 8,133 tonnes
The US has dominated this list for decades, with reserves mostly locked away at Fort Knox and the New York Fed. It's a symbol of stability. There have been no big buys or sells lately, just steady holding to back the dollar's global clout.
2. Germany – 3,352 tonnes
Europe's economic powerhouse keeps its gold close, with much of it repatriated back home in recent years for security reasons. Germany's cautious approach reflects its export-driven economy, where gold acts as a quiet insurance policy.
3. Italy – 2,452 tonnes
Italy's stash dates back to its post-war boom, stored across Rome, Milan, and even some abroad. Amid debt worries and political shifts, this gold helps shore up trust in the euro without much fanfare.
4. France – 2,437 tonnes
The French love their gold—it's spread out in Paris vaults and beyond. President Macron's government hasn't touched it much, but it's key for a nation that's all about diversifying away from over-reliance on any one currency.
5. Russia – 2,327 tonnes
Russia ramped up buys during sanctions, hitting around 2,330 tonnes by mid-year before a small dip of 3 tonnes in August, likely for minting coins. It's a geopolitical play: gold lets them sidestep Western financial systems and build self-reliance.
6. China – 2,301 tonnes
China's been on a quiet buying spree for months, adding 2 tonnes in August to push past 2,300 tonnes for the first time reported. As the world's factory, they're using gold to internationalize the yuan and buffer against U.S. dollar dominance—expect more additions ahead.
7. Switzerland – 1,040 tonnes
Tiny Switzerland punches way above its weight, thanks to its neutral status and banking legacy. The Swiss National Bank holds steady, with gold making up about 5% of reserves—enough to keep the franc rock-solid.
8. India – 880 tonnes
India's reserves got a boost this year, reflecting its growing economy and cultural affinity for gold. The Reserve Bank has been snapping up bars to support the rupee, especially with imports surging for festivals.
9. Japan – 846 tonnes
Japan's gold pile hasn't budged much since the 1960s, tucked away as a hedge against yen volatility. With massive debt and an aging population, it's more of a legacy hold than active strategy.
10. Turkiye – 639 tonnes
Turkiye surged into the top 10 with aggressive buys, adding 2 tonnes in August and 21 tonnes year-to-date so far. Facing inflation and lira woes, President Erdogan's team sees gold as a lifeline to stabilize the economy.
