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India among top 10 nations in gold reserves
Why is it in the news ?
- According to the World Gold Council, India surpassed the Netherlands to move into the list of top ten countries in terms of total gold reserves.
More in the news
- According to the Council, India has gold reserves totalling 618.2 tonnes, which is marginally higher than the Netherlands’ reserves of 612.5 tonnes.
- In terms of individual countries, India actually ranks ninth since the IMF occupies the third position after the U.S. and Germany.
- U.S. leads the country list with total gold reserves of 8,133.5 tonnes followed by Germany with 3,366.8 tonnes.
- India’s entry into the list of top ten countries comes at a time when the quantum of monthly purchases is the lowest in over three years.
- India’s gold reserves have grown substantially in the past couple of decades from 357.8 tonnes in the first quarter of 2000 to the current 618.2 tonnes.
- About World Gold Council:
(1) The World Gold Council or the WGC is a nonprofit association of the world's leading gold producers.
(2) The WGC was established to promote the use of and demand for gold through marketing, research and lobbying.
(3) It is headquartered in London.
(4) The WGC covers the markets which comprise about three-quarters of the world's annual gold consumption.
Source
The Hindu.