Top 10 countries with largest gold reserves: After PM Modi’s appeal, a look at how much gold India holds

Global gold demand recorded a slight year-on-year rise in the first quarter, reaching 1,231 tonnes, while its overall value jumped to a record $193 billion. Demand for gold bars and coins remained strong and supported growth, although buying through ETFs (exchange-traded funds) slowed during Q1. Central banks across the world also continued purchasing gold in significant quantities. Jewellery demand, however, stayed under pressure as record-high gold prices affected buyers.

The United States continues to hold the largest gold reserves in the world—a position it has maintained for years. The country possesses around 8,133.46 tonnes of gold reserves.

Gold demand in the US weakened during the first quarter of 2026 as heavy outflows from ETFs offset the strength seen in other segments. Physically backed US gold ETFs saw major withdrawals in March, wiping out the inflows recorded earlier in the quarter amid cautious investor sentiment, elevated market positioning, and rising opportunity costs.

At the same time, investment in bars and coins remained relatively steady because of continued retail interest.
Jewellery demand in the US fell to its lowest quarterly level on record due to affordability concerns. Even so, geopolitical tensions, uncertainty around interest rates, and broader economic risks still support the long-term appeal of gold investments in the country.

Italy has now moved up to second place with 2,451.84 tonnes of gold reserves. China and Russia occupy the next two positions with reserves of 2,313.46 tonnes and 2,304.75 tonnes, respectively.

India’s rank

India currently holds 880.52 tonnes of gold reserves, according to the World Gold Council, placing the country in fifth position globally.

India’s gold demand increased by 10 per cent year on year to 151 tonnes during the first quarter. In value terms, demand almost doubled, climbing 99 per cent year on year to a record Rs 2,275 billion ($25 billion) for the quarter.

Investment demand played the biggest role in this growth. Volumes rose 54 per cent year on year to 82 tonnes, while the value surged 179 per cent year on year, outperforming jewellery demand. Demand for bars and coins reached 62 tonnes, almost equal to jewellery demand, which stood at 66 tonnes. Gold ETFs in India also touched a record high.

Top 10 countries with largest gold reserves in the world