In the year 2024, gold prices witnessed a substantial increase of approximately 20%, primarily attributed to substantial central bank purchases, strong consumer demand for gold in China, and the growing appeal of risk-free investments as a result of geopolitical instability.

Here are top 10 countries by total gold reserves (tonnes) as of May 2024, according to the World Gold Council data.

The United States holds the title of the nation with the most gold reserves, totaling 8,133 tonnes and valued at an impressive $628 billion.

Nearly half of this substantial stockpile is securely stored at the United States Bullion Depository, a renowned location commonly known as Fort Knox, which is situated on a US Army installation in the state of Kentucky.

In second place, Germany boasts a total of 3,351 tonnes, preceded by Italy, which has 2,452 tonnes.

The bulk of the world’s gold is kept securely by central banks, and they do so mainly due to their inherent qualities of safety, ease of exchange, and profitability. These organizations have approximately one-fifth of all the gold that has ever been mined in the past.

During the initial portion of 2024, central banks bought a record-breaking 483 metric tonnes of gold.

This year, Turkey emerged as the most significant gold purchaser in the first half, adding a grand total of 45 tonnes to its gold reserves.

Retaining its position as a significant buyer, India followed suit, procuring a total of 37 tonnes of gold in the first half of the year.

In a notable shift, China, a historically prominent buyer, reduced its gold purchases, halting them temporarily in May and June. Prior to this, the Chinese central bank had boosted its gold reserves consistently for 18 months straight.