The World Gold Council (WGC) is a nonprofit association of the world’s leading gold producers.Headquartered in London, the WGC covers the markets which comprise about three-quarters of the world’s annual gold consumption.It is a market development organization for the gold industry which includes 25 members and many gold mining companies as well.The WGC was established to promote the use of and demand for gold through marketing, research and lobbying.
According to the latest report by the World Gold Council (WGC), India, which is the world’s largest consumer of gold, has the 11th largest gold reserve, with the current holding pegged at 607 tonnes.
- India’s overall position in terms of total gold holding would have been tenth had the list included only countries.
- International Monetary Fund (IMF) is included and is third on the list with total gold reserves of 2,814 tonnes.
- The U.S. tops the list with gold reserves of 8,133.5 tonnes, followed by Germany with 3,369.7 tonnes.
- Among Asian countries, China and Japan have more reserves when compared to India.
- The demand for gold was concentrated among emerging market central banks, with diversification the key driver in the face of ongoing geopolitical and economic uncertainty.