Global Gold Reserves 2025: Which Country Holds the Most Gold, and Where Does India Rank?

Gold has always been more than just a symbol of wealth or jewelry—it serves as a cornerstone of economic security. Even in today’s era of digital payments and cryptocurrencies, gold remains one of the most trusted assets to safeguard against inflation and currency fluctuations. Nations with significant gold reserves enjoy greater financial stability and investor confidence, making these reserves a critical component of economic strength.

As of the second quarter of 2025, global gold holdings reflect interesting trends. Let’s take a closer look at which countries dominate the list of largest gold reserves and where India stands in the global ranking.

United States: Leading the World in Gold Holdings

The United States continues to hold the world’s largest gold reserves. In the second quarter of 2025, the country reported 8,133.46 tonnes of gold, unchanged from the first quarter. Historically, from 2000 to 2025, U.S. reserves averaged 8,134.78 tonnes, with the highest level reaching 8,149.05 tonnes in the third quarter of 2001. The U.S. government has maintained its position as the undisputed leader in gold reserves for decades, underlining its strategy of economic security.

Germany: The Runner-Up

Germany ranks second with gold reserves of 3,350.25 tonnes in the second quarter of 2025. This figure is slightly lower than the first quarter and represents the lowest level in the past 25 years. Between 2000 and 2025, Germany’s reserves averaged 3,398.28 tonnes, peaking at 3,468.60 tonnes in the second quarter of 2000. Despite the recent decline, Germany continues to play a dominant role in global gold holdings.

Italy: Stability Over Time

Italy has consistently maintained stable reserves. In the second quarter of 2025, its gold reserves stood at 2,451.84 tonnes, identical to the first quarter. This figure has remained unchanged for years, averaging the same value from 2000 to 2025. Italy’s approach highlights a long-term commitment to stability, avoiding fluctuations in its holdings.

France: Reserves Holding Steady

France also reported steady gold reserves of 2,437 tonnes in the second quarter of 2025, unchanged from the first quarter. Historically, France’s reserves were over 3,000 tonnes in 2002 but dropped to 2,435.38 tonnes in 2012. In recent years, the reserves have shown stability, suggesting no immediate plans for large adjustments.

Russia: Strong Growth Over Two Decades

Russia’s gold reserves stood at 2,329.63 tonnes in the second quarter of 2025. From 2000 to 2025, Russia’s average reserves were 1,181.88 tonnes, reflecting a steady increase over the years. The highest recorded level was 2,335.85 tonnes in the second quarter of 2024, while the lowest was just 343.41 tonnes in 2000. This growth showcases Russia’s aggressive accumulation strategy over the past two decades.

China: Sixth on the List

China ranks sixth with reserves of 2,279.6 tonnes as of the second quarter of 2025. While significant, this accounts for only a small portion of China’s vast foreign exchange reserves. The People’s Bank of China frequently reports incremental increases in gold holdings, reflecting a cautious but steady approach toward diversification.

Switzerland: A Small Nation with Big Reserves

Despite its small size, Switzerland holds an impressive 1,040 tonnes of gold, placing it seventh globally. Switzerland’s historical neutrality and its role as a global financial hub contribute to its ability to maintain such substantial reserves. The Swiss National Bank actively manages these assets to strengthen the nation’s financial system.

India: Rising Steadily in the Global Rankings

India has been steadily increasing its gold reserves. In the second quarter of 2025, India’s reserves reached 880 tonnes, slightly higher than 879.60 tonnes in the previous quarter. From 2000 to 2025, India’s reserves averaged 531 tonnes, with the lowest level recorded at 357.75 tonnes in the second quarter of 2001. This steady growth reflects India’s strategy to enhance economic resilience and strengthen investor confidence.

Key Takeaway

The latest figures highlight how gold remains a vital pillar of financial security worldwide. The United States leads the global rankings, followed by Germany, Italy, France, Russia, and China. Meanwhile, India, with 880 tonnes of reserves, continues to climb steadily, strengthening its position among the top gold-holding nations.

In an uncertain global economic environment, gold remains the ultimate safe-haven asset—and these reserves continue to play a crucial role in shaping the financial strategies of leading economies.