Top Gold Reserve Holding Countries in 2025: Where Does India Stand?

Gold reserves have always been a symbol of economic stability and sovereign strength. In uncertain times, countries turn to gold as a hedge against inflation, currency volatility, and geopolitical risks. Every quarter, central banks report their gold holdings to global institutions like the IMF.

In this article, we will explore the latest available gold reserve rankings as of Q1 2025, with data sourced from central banks and global reports. For a few countries where Q1 2025 data is still awaited, 2024 figures have been used for consistency.

Note: Some countries have not yet released their Q1 2025 data. Their 2024 values are included to maintain global context.

India’s Position in 2025

India continues to hold the 8th largest gold reserve in the world, with a stockpile of 879.6 tonnes as of Q1 2025, slightly up from 876.18 tonnes in 2024. This minor increase reflects the Reserve Bank of India’s ongoing strategy to strengthen its foreign exchange and gold reserves.

Despite being behind China and Russia, India has steadily increased its gold holdings over the past decade, securing its place among the world’s top gold reserve holders.

Visualization: Gold Reserves of Top 11 Countries (Q1 2025 / 2024)

India’s Strategy: Why RBI is Buying More Gold

India’s gold accumulation is not random — it’s strategic. Here’s why the RBI is quietly adding gold to its vaults:

1. Diversification of Reserves

The RBI is reducing its dependence on USD-dominated assets and diversifying into non-fiat assets like gold, which are immune to global currency volatility.

2. Inflation Hedge

Gold has historically preserved value during high inflation. With rising global inflation and interest rate uncertainty, gold acts as a buffer.

3. Geopolitical Safety Net

In case of geopolitical instability or sanctions (as seen with Russia), countries with higher gold reserves are more resilient. Physical gold is sovereign-controlled and not subject to foreign pressures.

4. Support to Rupee

Gold reserves indirectly strengthen the rupee by supporting India’s creditworthiness and confidence among foreign investors and rating agencies.

5. RBI’s Gradual Purchase Approach

Instead of aggressive buying, RBI follows a slow, consistent accumulation model — purchasing a few tonnes every few months to avoid market disruption and pricing pressure.

Key Insights

• The United States leads by a wide margin, holding over 8,100 tonnes since 2008 — unchanged for years.
• Germany, Italy, and France follow, maintaining stable reserves.
• Russia and China are aggressively accumulating gold to counterbalance Western sanctions and dollar dominance.
• India ranks 8th, with steady increases indicating long-term planning.

What to Expect in 2025

More central banks — especially from Asia, the Middle East, and emerging economies — are expected to increase their gold purchases in 2025. This trend suggests a move toward de-dollarization and resilient financial systems.

India’s future moves will likely depend on the global macroeconomic climate, import duties on gold, and RBI’s balance between liquidity and safety

Final Word

India’s gold reserves crossed 879 tonnes in early 2025, reinforcing the nation’s focus on financial security. While still behind China and Russia, India’s strategy is measured, sustainable, and smart — designed for long-term resilience.

Sources: World Gold Council, RBI Reports
Data Analysis & Insights: Indiagraphs.com – Turning Data into Stories

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