Top 10 Global Central Bank Gold Reserves: US Maintains Top Position with Rapid Growth in China

In 2010, after becoming a net gold buyer, global central banks have maintained a stable gold buying trend for 14 consecutive years, accumulating over 7,800 tons of gold during this period, with over a quarter purchased in the past two years. By the end of 2023, global central bank gold reserves reached 36,699 tons, accounting for approximately 17% of all extracted gold, with reasons for central bank gold purchases including risk mitigation, hedging against inflation, and promoting economic stability.

In 2023, global official gold reserves continued to grow by 1,037 tons, second only to the record set in 2022 with 1,082 tons. Central bank gold purchases exceeding 1,000 tons for two consecutive years demonstrate strong recent demand for gold from central banks. The distribution of central banks purchasing gold is also broad, with several emerging market central banks becoming regular participants in the gold market. The People’s Bank of China (PBoC) increased its gold reserves by 225 tons in 2023, retaining its title as the largest single gold buyer. China’s central bank gold reserves now stand at 2,235 tons, representing only 4% of China’s extensive international reserves.

The latest report from the World Gold Council indicates that in the first quarter of 2024, global central banks continued their strong gold buying trend, adding 290 tons to official gold reserves this quarter. The Council believes that even though central bank gold purchases in 2024 are unlikely to exceed 1,000 tons for a third consecutive year, the trend of net purchases will continue.

According to the World Gold Council’s data (including the first quarter of 2024), the top 10 countries with the highest central bank gold holdings are as follows:

United States (8,133.46 tons):With a total value exceeding US$630 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 𝑎𝑡 𝑎 𝑔𝑜𝑙𝑑 𝑝𝑟𝑖𝑐𝑒 𝑜𝑓 2,200 per ounce, the majority of the US central bank’s gold reserves are stored in underground vaults in Denver, Fort Knox, and West Point, consisting mainly of gold bars, with annual audits conducted by the Treasury Department’s Office of the Inspector General. The remaining gold reserves are part of routine inventory used as raw materials for minting coins.

Germany (3,352.65 tons):Over half of Germany’s gold reserves are stored abroad, with over a third in New York, a eighth in London, and a small portion in Paris. However, since 2012, Germany has been gradually repatriating its gold reserves, bringing back over 583 tons by 2016.

Italy (2,451.84 tons):Similar to Germany, Italy’s central bank also stores part of its gold reserves abroad, with 141.2 tons in the UK, 149.3 tons in Switzerland, 1,061 tons held by the Fed, and 1,100 tons domestically.

France (2,436.97 tons):The Banque de France’s gold reserves are all stored in the La Souterraine underground vaults in the country, which is also one of the IMF’s designated gold depositories.

Russia (2,332.74 tons):Russia’s physical gold reserves are all held domestically, with two-thirds in Moscow’s bank building and the remaining third in St. Petersburg. The majority of the country’s gold reserves are standard gold bars weighing between 10-14 kg, with smaller bars as light as 1kg. Russia is the world’s third-largest gold producer, but following the Russia-Ukraine war outbreak, its refineries were banned from selling gold to the London market. In early 2022, Russia pegged its currency, the ruble, to gold.

China (2,262.39 tons):In 2001, the People’s Bank of China (PBoC) held only 400 tons of gold, but has since grown by 459% over the past 20 years. The PBoC issued Panda gold coins in 1982, now one of the top five central bank gold coins globally. In the first quarter of 2024, the PBoC once again bought 27 tons of gold, topping the list of global central bank gold buyers, and March marked the 17th consecutive month of gold purchases.

Switzerland (1,040 tons):Switzerland’s gold reserves belong to the country, with the central bank solely responsible for managing and maintaining them. Data from 2013 shows that 70% of the central bank’s gold reserves are stored domestically, with 20% in the Bank of England and 10% in the Bank of Canada.

Japan (845.97 tons):Public information on Japan’s central bank gold reserves is difficult to obtain. The figure was approximately 753 tons in 2000, increased to 765.2 tons by 2004, and has been maintained until March 2021 (when 80.76 tons were purchased in that month).

India (822.58 tons):The Reserve Bank of India began increasing its gold reserves in 2017, with the majority of purchases occurring in the past four years. In 2023, 16 tons were purchased, and a further 19 tons were bought in the first quarter of this year. Approximately one-third of the country’s gold is held domestically, while over half is stored overseas and managed by the Bank of England and the Bank for International Settlements.

Netherlands (612.45 tons):38% of the gold reserves of the Dutch central bank are stored in Canada, another 31% (in the form of 15,000 gold bars) is stored domestically, and the remaining 31% is located at the Federal Reserve Bank of New York.