China becoming the fifth biggest holder of gold reserves with 1054 tonnes and it has already hit the headlines on Friday leading to a marginal rise in gold prices in major trading centres.
The world leader in gold reserves is United States with 8133 tonnes as on September 2008 that accounts for 76.5% of its foreign exchange reserves. Germany has the second highest gold reserves at 3412.6 tonnes while IMF has 3217, France has 2508 tonnes constituting 58.7% of its forex assets.
Italy has 2451.8 tonnes constituting 61.9% of forex reserves followed by Switzerland at 1040 constituting 23.8% of total forex reserves.
India is way down at 14th position with gold reserves of 357.7 tonnes representing 3% of total forex reseres.
China Agency Xinhua reported that China’s additional gold acquistion represents an increase of 454 tonnes from 600 tonnes in 2003, the last time China announced an adjustment of its gold holdings. The country adjusted its holding of gold reserves twice this century. It raised its holding from 394 tonnes to 500 tonnes in 2001, and to 600 tonnes in 2003, Hu said.
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