Because of its rarity and intrinsic value, gold has always been a fundamental asset for states, kingdoms and empires over the centuries. In addition to the power it has conferred, today it is above all a guarantor of economic stability and the confidence of financial markets. 

These days, gold stocks are managed by state central banks. They influence the gold market by buying and selling reserves in line with their country's geopolitical and monetary strategies. 

For information, in 2024, according to data from the World Gold Council (WGC), central banks added more than 1,000 tonnes of gold to their reserves. This is the third year in a row that this level of acquisition has been exceeded, a sign that governments are still very interested in this asset. But why do governments still hold gold reserves? 

SUMMARY OF ARTICLE : 

• The advantages for a State of owning gold reserves
• Ranking of countries with the largest gold reserves in 2025
• What strategy are the ten main gold-holding countries adopting?

The benefits of gold reserves for governments 

Gold remains a safe-haven asset par excellence, particularly in times of crisis. Because it is uncorrelated with the money market, it is not affected by inflation or economic crises in the same way as fiat currency (rouble, euro, yuan, dollar, etc.). Indeed, in the event of a systemic crisis (banking, financial), central banks can use gold to compensate for the lack of confidence in the national currency. This will enable the institution to stabilise its banking and monetary system. 

Gold also plays a guarantee role in international transactions. This is especially true during a war or economic crisis. Governments can use this universally recognised asset to make it easier to obtain international financing. 

Similarly, the gold metal plays an important diversification role for governments. It complements the domestic and foreign currency reserves held by a country's central banks. This reduces a country's dependence on one currency, usually the US dollar (de-dollarisation). 

From a macroeconomic point of view, gold is an excellent tool for protecting against inflation. Being limited in quantity, it cannot be produced by governments at will like paper money. Unlike gold, paper money can lose value if inflation rises. 

Finally, it should be noted that holding a large quantity of gold increases a state's financial, economic and diplomatic weight on the international stage. So it's easy to see why the main gold-holding countries are among the major powers in the Group of Twenty (G20). 

For example, given the particularly tense international context and the desire of certain states to expand, it is not surprising to see that in recent years the states that have increased their gold reserves the most are Russia and China. Their aim is to increase their international financial influence and, above all, limit their dependence on the US dollar. 

2025 ranking of countries with the largest gold reserves 

As mentioned above, it is no surprise that the world's major powers are the holders of gold. According to the latest data, here are the twenty countries holding the most gold (expressed in tonnes). 

Sources: Tradingview and data from the World Gold Council (updated December 2024) 

In this ranking, it is interesting to note the following points: 

• China, India, Turkey, Poland and Taiwan are the only countries to have increased their reserves between Q3 2024 and Q4 2024. 
• Canada, despite being a member of the G8, is the only major power to no longer hold any gold stocks, hence its absence from this ranking. 
• The European Union, although not a country, also holds a substantial gold reserve. This is due to the existence of the European Central Bank (ECB), which manages the monetary policy of the countries of the European Union. 

If we focus on the 10 largest holders of gold, here are the proportions. Visually, we can see that the United States stands out from the pack, since this country alone holds a third of the gold reserves of the main holders, with more than 8,000 tonnes out of almost 24,000 tonnes of reserves. 

What is the strategy adopted by the ten leading gold-holding countries? 

The United States has always been the largest holder of gold, with over 8,000 tonnes stored mainly at Fort Knox (a military base in Kentucky). This gold reserve now represents over 71% of the country's foreign exchange reserves. The United States needs to hold so much gold to maintain and stabilise the US dollar, which remains the world's benchmark currency for international trade. 

Then there are several European powers in this ranking, starting with Germany and its more than 3,350 tonnes of gold. For a long time, Germany stored its gold in the United States and France, but for several years now it has been repatriating some of this gold to Germany. Italy and France have almost equivalent stocks of gold, and have maintained these levels of reserves for many years for reasons of monetary and economic stability. 

Next come Russia and China. Both countries have been very active in the gold-buying market in recent years. In fact, China is the world's largest gold producer and buyer, but gold accounts for just 4.64% of its foreign exchange reserves.  

Other countries in the Top 10 include Japan, with 846 tonnes of gold (3.10% of its foreign exchange reserves). The country of the rising sun has the distinction of having consumed a large quantity of its gold reserves to compensate for the Fukushima disaster in 2011 and thus stabilise its economy. 

Conclusion 

These figures show that, given the geopolitical and economic challenges facing the world today, gold remains a strategic asset for many nations. 

In the years ahead, we can expect demand to remain buoyant, as many powers (China, Russia, India, etc.) continue to increase their reserves to ensure their monetary independence and reinforce the stability of their monetary systems. 

As a result, such demand is obviously a key factor in supporting the price of gold on the financial markets.