World Gold Council
News: India’s gold reserves increase marginally in February: WGC.
Source: The Hindu
The World Gold Council is the market development organisation for the gold industry. Their purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market.
They are a unique organisation that delivers tangible benefits to the gold industry. We are an active force within the market, working with a large and diverse set of partners to create access, drive innovation and stimulate demand, while providing a collective voice for our members. They provide insights into the international gold markets, helping people to understand the investment qualities of gold and its role in meeting the social and environmental needs of society.
The gold market has undergone significant change over the past two decades, becoming larger, stronger and more widely understood. The World Gold Council has been a key player in many of the initiatives that have driven that change, such as the liberalisation of the gold market in China and the rapid rise of demand in the East. We have also increased recognition of gold as a financial asset across a wide spectrum of market segments, supported by physically-backed gold product innovations.
The World Gold Council has broad experience and deep knowledge of the factors driving market change. This allows us to operate with insight and act with authority in seeking to resolve industry issues, create pro-gold policies and raise standards across the industry. We concentrate on delivering structural change that has long-term impact and are at scale.
In these times of extreme uncertainty and rapid change, we enable nations, investors and households worldwide to protect their financial futures by deploying gold’s unique qualities:
The constant of value
A highly liquid yet scarce asset
A safe haven in uncertain times
An uncorrelated risk diversifier
A hedge against fiat currency depreciation
India has marginally increased its gold holding in February while maintaining the tenth position among countries in terms of yellow metal reserves, as per latest data from the World Gold Council (WGC).
As per WGC, India had total gold reserves of 608.7 tonnes in February, marginally up from the previous month’s holding of 607 tonnes.
Incidentally, India’s overall ranking is pegged at 11 as the International Monetary Fund (IMF) boasts of gold reserves of 2,814 tonnes to occupy the third position after the U.S. (8,133.5 tonnes) and Germany (3,369.7 tonnes).
Some of the other countries that also have a significant gold reserve include Taiwan (423.6 tonnes), Portugal (382.5 tonnes), Kazakhstan (356.3 tonnes), Uzbekistan (342.1 tonnes) and Saudi Arabia (323.1 tonnes).
Pakistan has 64.6 tonnes and is ranked 45 while Sri Lanka (19.9 tonnes) and Bangladesh (14 tonnes) are at 63rd and 66th positions.
Nepal with 6.4 tonnes is at 82nd position.