India has nearly 10 times gold as Pakistan: WGC

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In tune with India’s penchant for yellow metal gold, the country’s bullion reserves at a whopping 607 tonnes is far ahead of Pakistan. Notably, India is the single largest consumer of gold and has the 11th largest gold reserve, with the current holding pegged at 607 tonnes, as per the latest report by the World Gold Council (WGC).

In comparison, Pakistan’s total gold reserves were pegged at 64.6 tonnes, just over one-tenth of India’s massive gold pile.

Interestingly, China has upped the ante on gold and is lapping up the yellow metal in recent times. The world’s second-largest economy expanded its gold reserves for the fourth straight month, as the People’s Bank of China raised reserves to 60.62 million ounces in March from 60.26 million a month earlier, Bloomberg reported citing data from the central bank’s website.

China’s total reserves stands at a whopping 1,864.30 tonnes, as per the WGC report.  If China continues to accumulate gold at the current rate over 2019, China may end the year as the top buyer after Russia, which added 274 tonnes in 2018. As per data from WGC, Mainland China with reserves at 1,864.30 tonnes comes at the 7th spot, while Russia’s reserves stands at 2,119.20 tonnes, at the sixth spot.

The top five countries in terms of gold reserves include United States (8,133.50 tonnes); Germany (3,369.70 tonnes); Italy (2,451.80 tonnes); France (2,436 tonnes);  and Russia (2,119.20 tonnes). Notably, as per the WGC report, IMF with a reserve of 2,814 tonnes, comes third on the list. Switzerland with a total reserve of 1,040 tonnes, Japan (765.20 tonnes), Netherlands (612.50 tonnes) rank ahead of India in the list.

According to Goldman Sachs central-bank purchases may total about 650 tonnes in 2019, about the same as last year,  amid elevated geopolitical tensions and less pressure on emerging-market currencies, according to a Feb 7 note. Buyers in recent months have included Turkey and Kazakhstan, IMF figures show, noted a Bloomberg report.

Shekhar Ghosh is consulting editor, Indoasiancommodities.com. He has edited and written for publications like Business India, Business Standard, Business Today, Outlook and many other international publications. He can be reached at shekhar.ghosh@indoasiancommodities.in.

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