ISLAMABAD: As gold prices reached an all-time high on Thursday, we take a closer look at the countries with the largest gold reserves. The United States, Germany, and Italy hold the top spots, reflecting the ongoing strength of gold amid geopolitical and economic uncertainties.
The current surge in gold prices has been largely fueled by increased demand, particularly from central banks. Gold is considered a crucial asset due to its safety, liquidity, and ability to provide returns—three key investment goals for central banks. According to the World Gold Council, central banks purchased over 1,000 metric tons of gold in 2024, marking the third consecutive year of significant purchases and nearly doubling the average annual buying rate over the past decade.
As of January 2025, Pakistan holds 64.7 tonnes of gold, ranking 49th on the global list of gold reserves.
The largest gold holders in the world remain the United States, with 8,133.5 tonnes stored at Fort Knox as of Q4 2024. Germany follows closely with 3,351.5 tonnes, while the International Monetary Fund (IMF) holds 2,814 tonnes. Italy and France round out the top five, with 2,451.8 tonnes and 2,437 tonnes, respectively.
Other notable gold reserve holders include the Russian Federation (2,329.6 tonnes), China (2,284.5 tonnes), Switzerland (1,039.9 tonnes), India (879 tonnes), Japan (846 tonnes), and Turkey (619.9 tonnes), all of which make up the top 10.
In 2025, central bank gold purchases have continued, with countries like Poland, India, China, Kyrgyzstan, and Uzbekistan leading the charge.
India holds 940.92 tonnes of gold, making it the dominant player in South Asia. India added 22.54 tonnes in 2024, securing its position among the world’s largest gold reserves.
East Asia has a combined total of 3,229.97 tonnes of gold, with China contributing a significant portion, followed by Japan and South Korea.
Western Europe holds a total of 11,773.55 tonnes of gold, surpassing North America’s holdings, with the US leading the charge. Germany, Italy, France, and Switzerland also rank highly, with the Netherlands, Portugal, and the United Kingdom following closely behind.
The ongoing rally in gold prices has been influenced by several factors, including the US Federal Reserve signaling potential interest rate cuts, global tariff uncertainty, and escalating geopolitical tensions, particularly in the Middle East. This has led to 16 record-high gold prices in 2025, with four of those exceeding the $3,000 mark.
Analysts predict that gold could continue to climb, potentially reaching $3,500 per ounce, as investors flock to the precious metal due to its stability amid rising global debt, recession fears, and a global cycle of monetary easing.
