Where to Invest Your Gold Reserves by Country in 2023

  • Gold reserves are held by central banks around the world, which use gold as a reserve asset, or measure of value.
  • Gold reserves are divided into two classifications: gold bullion and gold reserves.
  • Gold bullion is the physical metal held as a reserve asset, whereas gold reserves refer to the value of gold in monetary terms.
  • Gold reserves may be held in physical form or as allocated gold accounts.
  • Gold reserves may be held within central banks, commercial banks, and other financial institutions.

Many countries around the world hold gold reserves, which are classified as assets in any country's balance of payments. These reserves support a country's monetary system, which relies on gold as a measure of value. The main purpose of holding gold reserves is to provide the world's monetary system with a standard by which the value of other world currencies can be compared.

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gold reserves by country 2023


The U.S. holds 8,133.5 tonnes of gold.
Russia holds 2,813 tonnes of gold.
China holds 1,842 tonnes of gold.
Germany holds 1,732 tonnes of gold.
France holds 1,629.3 tonnes of gold.
Italy holds 1,531.2 tonnes of gold.
The U.K. holds 1,504.2 tonnes of gold.
Switzerland holds 1,382.2 tonnes of gold.
Japan holds 1,058.1 tonnes of gold.


With China's gold reserves predicted to hit 2600 tons by 2023, the country's investment in the yellow metal is second only to the United States. China's gold reserves are expected to grow by 210 tons in 2023, according to Goldman Sachs. China's Central Bank, the People's Bank of China (PBOC), has been steadily acquiring gold since 2009. The PBOC has purchased 182.8 tons of gold since July 2017.
China's gold reserves are held mostly in the Shanghai Gold Exchange and the PBOC's own gold vault.
The United States
The U.S. holds 8,133 tons of gold in reserve, according to the International Monetary Fund (IMF). The U.S. Treasury currently holds 261.5 tons of gold, which is kept at the New York Federal Reserve's (FEDNY) West Point Bullion Depository. The U.S. Treasury purchased 250 tons of gold between 2006 and 2017, according to GAO data.

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Russia's vast gold reserves have dwindled, down 1,000 tons since 2014. However, Russia remains a top-10 country with 2,000 tons, and, as of March 2018, was the world's ninth-largest exporter of gold.
China's reserves have surged 2,000 tons since 2014. It now ranks second in the world with 3,000 tons. China's gold reserves have remained relatively stable, but, between January 2018 and March 2018 alone, the country's gold reserves were up 38%, making it the world's largest gold reserve-holder.
Turkey's reserves have grown 500 tons since 2014. As of January 2019, Turkey's reserves are ranked eighth in the world with 1,000 tons.

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India's annual gold demand is expected to rise 10% starting in 2023 to 1,170 metric tons. As a result, India's gold reserves are expected to increase 12% to 2,000 metric tons in 2023.
China's gold demand is expected to remain strong. It is expected to rise 6% to 1,400 metric tons in 2023. As a result, China's gold reserves are expected to increase 6% to 3,000 metric tons in 2023.
Russia's gold demand is expected to decline 2% to 400 metric tons in 2023. As a result, Russia's gold reserves are expected to decline 1% to 1,100 metric tons in 2023.
Germany's gold demand is expected to rise 1% to 100 metric tons in 2023. As a result, Germany's gold reserves are expected to increase 1% to 180 metric tons in 2023.

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In 2023, Germany's gold reserves will reach 7,124.9 tons. Germany is one of the largest gold holders in the world, and has long been one of the largest gold producers. The country also maintains a large additional reserve of silver, of which 1,902 tons were held in 2022.
In 2023, China's gold reserves will reach 1,755.1 tons. China's gold reserves comprise 1,138.8 tons held domestically and 527.3 tons held internationally.
In 2023, Russia's gold reserves will reach 1,550.2 tons. Russia's gold reserves comprise 1,143.0 tons held domestically and 409.2 tons held internationally.
Hong Kong
In 2023, Hong Kong's gold reserves will reach 1,094.9 tons. Hong Kong's gold reserves comprise 1,038.8 tons held domestically and 56.1 tons held internationally.
In 2023, France's gold reserves will reach 1,090.5 tons. France's gold reserves comprise 1,049.5 tons held domestically and 50.9 tons held internationally.
In 2023, Italy's gold reserves will reach 922.9 tons. Italy's gold reserves comprise 764.5 tons held domestically and 156.4 tons held internationally.
Saudi Arabia
In 2023, Saudi Arabia's gold reserves will reach 919.8 tons. Saudi Arabia's gold reserves comprise 750.0 tons held domestically and 169.8 tons held internationally.
South Korea
In 2023, South Korea's gold reserves will reach 898.4 tons. South Korea's gold reserves comprise 738.1 tons held domestically and 60.3 tons held internationally.
In 2023, India's gold reserves will reach 893.9 tons. India's gold reserves comprise 748.7 tons held domestically and 135.2 tons held internationally.
In 2023, Turkey's gold reserves will reach 881.9 tons. Turkey's gold reserves comprise 714.6 tons held domestically and 164.3 tons held internationally.

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Switzerland currently ranks third on the list, with 1,840 tons of gold reserves. It is home to 2% of the world's gold, making it the third biggest country to hold gold.
The Swiss National Bank (SNB) has been an active member of the Gold Pool since 1999 and currently holds 1,800 tons of gold. The Bank also holds 2% of the world's foreign-exchange reserves.
China is the world's largest gold producer, holding 2,842 tons of gold in 2023.
The Chinese government's official gold reserves are estimated to be 3,281 tons. China's gold reserves grew 21.6% in 2019, according to the World Gold Council.
Russia maintains 2,157 tons of gold reserves, ranking fourth on this list.
Russia's gold holdings have grown 13.4% in 2019, according to the International Monetary Fund. Russia's gold reserves are second only to the U.S., which has 8,133 tons.