The most recent estimates from the World Gold Council (WGC) stated that India now holds the ninth-largest gold reserves globally. India's gold reserves, totaling 2,191.53 tonnes and valued at $131,795 million, position the country ahead of affluent Arab and Western nations, including Saudi Arabia and the United Kingdom.
In contrast, the United States secured the leading position with a substantial gold reserve of 8,133.46 tonnes, as indicated by the WGC list, valued at $489,133 million. Germany followed in a distant second place, boasting estimated gold reserves of 3,352 tonnes. Italy, France, and Russia hold the third, fourth, and fifth positions respectively, as reported by media.
Russia is currently making efforts to retrieve its gold reserves that were seized by Western countries in the aftermath of its invasion of Ukraine. To prevent the West from continuing to hold these frozen reserves, Moscow has suggested the possibility of utilising them to fund a climate change initiative aimed at assisting developing nations.
Russia's climate envoy recently said at the COP28 summit the move would help to close the gap between developed and developing countries in tackling climate change.