Table of Contents
- The World Gold Council is the market development organisation for the gold industry.
- It works across all parts of the industry, from gold mining to investment.
- It helps to support its members to mine in a responsible way and developed the Conflict Free Gold Standard.
- Headquartered in the UK, they have offices in India, China, Singapore, Japan and the United States.
FINDINGS OF THE REPORT
- India has pipped the Netherlands to move into the list of top 10 countries in terms of total gold reserves.
- According to the World Gold Council, India has gold reserves totaling 618.2 tonnes, which is marginally higher than the Netherlands’ reserves of 612.5 tonnes.
- In terms of individual countries, India actually ranks 9th since the IMF occupies the 3rd position after the U.S. and Germany.
- US- 8,133.5 tonnes
- Germany- 3,366.8 tonnes.
- IMF is ranked 3rd with a holding of 2,451.8 tonnes,
- Italy (2,451.8 tonnes),
- France (2,436.1 tonnes),
- Russia (2,219.2 tonnes),
- China (1,936.5 tonnes),
- Switzerland (1,040 tonnes)
- Japan (765.2 tonnes)
- India with 618.2 tonnes at the 10th spot.
- The Foreign exchange reserves of India consists of below four categories;
- Foreign Currency Assets
- Gold
- Special Drawing Rights (SDRs)
- Reserve Tranche Position
- Foreign exchange reserves of India act as a cushion
Relationship B/w Economic Growth & Gold Price