Gold reserve

For private and state holdings in gold, see Gold holdings.

For the gold mining company, see Gold Reserve Inc. For the 1925 Soviet film, see Gold Reserves (film).

A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store of value, or to support the value of the national currency.

Official U.S. gold reserve since 1900

Changes in central bank gold reserves by country 1993–2014

Central 2005 and 2014

The World Gold Council estimates that all the gold ever mined, and that is accounted for, totalled 190,040 metric tons in 2019^[1] but other independent estimates vary by as much as 20%.^[2] At the price of $40 per gram reached on 16 August 2017, one metric ton of gold has a value of approximately $40.2 million. The total value of all gold ever mined, and that is accounted for, would exceed $7.5 trillion at that valuation and using WGC 2017 estimates.^{[note 1]}

IMF holdings

Since early 2011, the gold holdings of the IMF have been constant at 2,814.1 tonnes (90.5 million troy ounces).^[3]

Officially reported holdings

The IMF regularly maintains statistics of national assets as reported by various countries.^[4] This data is used by the World Gold Council to periodically rank and report the gold holdings of countries and official organizations.

On 17 July 2015, China announced that it increased its gold reserves by about 57 percent from 1,054 to 1,658 tonnes, while disclosing its official gold reserves for the first time in six years.^[5][6]

In July 2015, the State Bank of Vietnam stated that gold reserves totalled 10 tonnes. However, it was not ranked below due to the current absence of any published data.

In 2019, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) extended the gold allocation limit from 5% to 10%, in accordance with the amendments made to the Investment Policy of the Fund for diversification purposes.^[7] However, the Central Bank of Azerbaijan does not hold any gold.

The gold listed for each of the countries in the table may not be physically stored in the country listed, as central banks generally have not allowed independent audits of their reserves. Gold leasing by central banks could place into doubt the reported gold holdings in the table below.^[8]

Note that while Russian gold reserves are listed as 2,332.7 tonnes, of the 405.7 tonnes held by the National Wealth Fund at the beginning of the war, only 173.1 remained as of November 2025.^[9] From November Russia started selling physical NWF gold on the internal gold market, whereas it had previously sold it to the Central Bank, to maintain NWF liquidity while preserving physical reserves.^[9]

Top 50 according to World Gold Council's latest rankings (as of 3 September 2025)^[10]

Rank	Country/Organization	Gold holdings (in metric tons)	Gold's share of forex reserves
1	United States	8,133.5	77.8%
2	Germany	3,350.2	77.5%
—	International Monetary Fund	2,814.0	—[a]
3	Italy	2,451.8	74.2%
4	France	2,437.0	74.9%
5	Russia	2,332.7	29.5%
6	China	2,298.5	6.7%
7	Switzerland	1,039.9	9.6%
8	India	900.0	13.0%
9	Japan	845.9	6.8%
10	Turkey	634.7	50.1%
11	Netherlands	612.4	68.0%
12	Poland	544.2	27.4%
—	European Central Bank	506.5	33.9%
13	Taiwan	422.4	4.7%
14	Portugal	382.6	84.2%
15	Uzbekistan	364.5	79.1%
16	Saudi Arabia	323.1	4.7%
17	United Kingdom	310.2	16.5%
18	Kazakhstan	306.1	62.0%
19	Lebanon	286	-
20	Spain	281.5	25.4%
21	Austria	279.9	68.6%
22	Thailand	234.5	9.4%
23	Belgium	227.4	49.2%
24	Singapore	204.1	5.1%
25	Algeria	173.5	23.0%
26	Venezuela	161.2	83.0%
27	Libya	146.6	15.5%
28	Philippines	129.7	12.9%
29	Brazil	129.6	3.9%
30	Egypt	128.5	23.7%
31	Sweden	125.7	19.2%
32	South Africa	125.4	19.3%
33	Mexico	120.1	5.0%
34	Qatar	116.1	22.2%
35	Greece	114.5	61.3%
36	Hungary	110.0	21.0%
37	South Korea	104.4	2.1%
38	Romania	103.6	13.8%
—	Bank for International Settlements	102.0[b]	—[a]
39	Australia	79.8	13.1%
40	Kuwait	79.0	10.0%
41	Indonesia	78.6	3.6%
42	United Arab Emirates	74.5	2.6%
43	Jordan	72.8	33.6%
44	Denmark	66.5	4.1%
45	Pakistan	64.7	30.1%
47	Argentina	61.7	16.3%
48	Belarus	53.8	49.3%
49	Serbia	52.2	16.4%
50	Finland	43.7	22.5%
51	Bulgaria	40.8	9.0%
—	World	35,938.6[c]	15.2%
—	Euro area (including the ECB)	10,771.5	56.4%

• Notes

1. BIS and IMF balance sheets do not allow this percentage to be calculated.
2. Excluding any gold held in connection with swap operations, under which the bank exchanges currencies for physical gold. The bank has an obligation to return this gold at the end of the contract.
3. World total as calculated by the IMF. This will not equal the total for the countries in the table as ‘World total’ will include data for countries beyond the top 100 and for countries that do not publish their reserves. World total also captures BIS holdings inclusive of swap operations.

See also

• Gold Reserve Inc.
• Gold as an investment
• Federal Reserve Bank of New York
• Foreign exchange reserves
• Inflation hedge
• List of countries by gold production
• Moscow Gold, the reserves of the Bank of Spain sent to the Soviet Union during the Spanish Civil War
• Romanian Treasure, the Romanian gold reserves sent (alongside other valuable objects) to Russia for safekeeping during World War I, but never returned
• Silver as an investment
• Strategic Petroleum Reserve (United States)
• United States Bullion Depository, often known as Fort Knox
• Vaulted gold

Notes

1. One tonne is equal to approximately 32,150.75 troy ounces. Gold, silver, and other precious metals and gems are weighed by the troy ounce: 12 troy ounces = 1 troy pound (and not 16 to 1 as in the avoirdupois weight system)