Gold Reserves by Country

What is Gold Reserves?

Gold reserves are the physical gold holdings of a central bank, valued at market or at a statutory price depending on the jurisdiction. They sit alongside foreign-currency reserves as part of total international reserves.

Why it matters for FX

Sustained central-bank gold buying (notably by the PBoC and other emerging-market central banks since 2022) is part of a broader reserve-diversification trend away from USD assets, with long-run implications for reserve-currency status and gold prices. Single-month changes are typically small, but the cumulative trend is meaningful.

How to read this page

Track the year-over-year tonnage change rather than valuation. Cross-reference with World Gold Council data and IMF IFS. Large buyers in recent cycles include China, Türkiye, India, Singapore, and Poland.

What to watch for

• Tonnage change vs valuation change
• Emerging-market diversification trend
• PBoC monthly disclosures and lulls
• Repatriation / vault-location moves
• Gold's share of total reserves

Common questions

What are gold reserves?

Gold reserves are official gold holdings kept by a central bank or monetary authority as part of its reserve assets.

Why do central banks hold gold reserves?

Central banks hold gold to diversify reserves, reduce dependence on foreign currencies, and maintain an asset that is not another government's liability.