Countries holding largest gold reserves: US, Germany, Italy lead the way

As gold climbed to an all-time high on Thursday, we examine the countries that hold the most gold reserves. The US, Germany and Italy lead the way as the precious metal’s appeal remains strong amid ongoing geopolitical and economic tensions.

As gold continues to remain a preferred asset with its upward climb, this rally has been largely driven by increased demand and buying by central banks, where gold is considered an important component because of its safety, liquidity and return characteristics – the three key investment objectives 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 buying and approximately double the average annual purchase amount for the prior decade.

Pakistan was 49th on the list with 64.7 tonnes as of January 2025.

As such, they are significant holders of gold, accounting for around a fifth of all the gold that has been mined throughout history.

Currently, the US holds the most gold reserves with 8,133.5 tonnes at Fort Knox as of Q4 of 2024, according to data provided by the World Gold Council.

Germany follows with 3,351.5 tonnes, the International Monetary Fund (IMF) with 2,814 tonnes and Italy (2,451.8) and France (2,437) rounding off the top five.

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) make up the top 10 countries leading in gold reserve holdings.

Central bank reserve buying has continued in 2025, with Poland, India, China, Kyrgyzstan and Uzbekistan leading the way.

India ranks 4th in global billionaire wealth, behind US, China, Japan

Asia

With a total holding of 940.92 tonnes, India carries the weight within South Asia and added 22.54 tonnes in 2024.

Pakistan was 49th on the list with 64.7 tonnes as of January 2025.

East Asia holds a total of 3229.97 tonnes of gold, with China making up a large sum of it, followed by Japan and South Korea.

Western Europe

Totalling 11,773.55 tonnes, these countries surpassed the North American holding, led by the US.

Germany, Italy, France, Switzerland led the way followed by the Netherlands, Portugal and the United Kingdom.

As the US Federal Reserve signaled two possible interest rate cuts this year, tariff uncertainty, rate cut possibilities and escalating tensions in the Middle East have contributed to the metal’s rally, prompting it to notch 16 record highs so far in 2025, with four being above the $3,000 milestone.

Rising global debt levels, renewed fears of recession and a global monetary easing cycle continue to push investors toward gold as a hedge.

Analysts are expecting the price of gold to continue climbing to the $3,500 mark, marking its dominance as a preferred asset due to its independence from political and economic sanctions.