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Which Central Bank Holds The Largest Gold Reserves?
Gold is considered an important component of central bank reserves due to its safety, liquidity, and return characteristics.
As of December 2023, the United States holds the largest gold reserves, with 8,133.46 metric tons valued at over US$ 474 billion. Central banks worldwide collectively own about one-fifth of all the gold ever mined, totalling more than 35,715 metric tons.
Here is the ranking of 15 central banks holding the largest gold reserves:
Despite having no FX reserves, Turkey holds more than 540 tons of gold reserves and holds 100% of its reserves.
US gold reserves are 3 times larger than Russia and China.
Uzbekistan has more than 371 tonnes of gold reserves, although named a lower middle income country.
Although having a lower gold reserves relative to US, China`s total reserves are 3 times larger than US total reserves ( If we name USD as an FX reserve for US)
Russia and China — arguably the United States’ top geopolitical rivals — have been the largest gold buyers over the last two decades. The People’s Bank of China was the biggest buyer of gold last year, purchasing 225 tonnes.
