What is Gold Reserves: Work is underway on gold investment and storage around the world. Every country is trying to reserve maximum gold with itself. The Prime Minister of India Shri Narendra Modi had also launched three schemes in November 2015 for the storage of gold namely Gold Monetization Scheme, Sovereign Gold Bond Scheme and Indian Gold Coin. Then the Prime Minister had said that the people of the country can increase the country’s gold reserve by contributing their own contribution in this scheme of the government. Significantly, since then an increase in the gold reserve of the country was also seen. However, there has been a significant increase in the gold reserve due to the purchase of gold by the Reserve Bank. In such a situation, a question can come in everyone’s mind that why the countries of the world want to keep gold reserves with them? What is the use of this? Let’s know what happens…
How much gold reserve does India have?
Talking about India in gold reserve, according to media reports, the country currently has more than 760 tonnes of gold reserves. With this, India is also included in the top-10 countries having Gold Reserve. India’s gold reserve has increased by more than 36.8 percent in the last four years (2018 to 2022). Talking about the last two decades, compared to the year 2000, India’s gold reserve has doubled. The maximum increase in this happened in the last four years (2018 to 2022), which is about 37 percent.
What is Gold Reserve?
Gold deposited with the government or government bank is ‘Gold Reserve’. It is deposited to support the national currency ie national currency. The World Gold Council estimates that the amount of gold mined so far is more than two lakh tonnes. Gold reserve acts as a protective shield against inflation for countries running in the race for development. Gold collected at the time of economic recession is a strong alternative to handle the country’s economy. This is the reason why many countries around the world, including India, are keeping gold reserves.
These countries have the highest gold reserves
According to the report of the World Gold Council till the third quarter of the year 2022, America is currently the largest gold reserve country with 8133 tonnes of gold. After America, Germany has more than 3363 tonnes of gold reserve. In this race, the European country Italy at number three has about 2451 tonnes of gold reserve. France has a gold reserve of about 2436 tonnes. India is at number 9 in this list.
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