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Written by Haider Saleem
Journalist and Political Analyst | LinkedIn / X
Official gold reserves are the bullion holdings reported by central banks and similar public institutions. They support diversification, liquidity, and credibility in a country’s foreign-reserve mix. The World Gold Council (WGC) compiles these data from IMF International Financial Statistics and official disclosures. The latest dataset is as of 30 June 2025, and monthly files typically lag by about two months. Figures are in metric tonnes.
| Rank | Country | Gold reserves (t) |
| 1 | United States | 8,133 |
| 2 | Germany | 3,350 |
| 3 | Italy | 2,452 |
| 4 | France | 2,437 |
| 5 | Russia | 2,330 |
| 6 | China | 2,299 |
| 7 | Switzerland | 1,040 |
| 8 | India | 880 |
| 9 | Japan | 846 |
| 10 | Turkey | 635 |
Source: World Gold Council (Goldhub), data as of 30 June 2025; month stamps cross-checked via Trading Economics’ country list.
How to read this table. Tonnes show physical holdings, not market value. Rankings are stable, yet monthly changes occur and some reporters publish later than others. As of June 2025 Russia sits just above China; future monthly updates could change ordering.
What moved reserves in 2024–2025
Central banks remained net buyers through H1 2025: +244t in Q1 and +166t in Q2. Named buyers included:
· Poland (Q2 +19t after +49t in Q1),
· Turkey (Q2 +11t; +17t YTD),
· Kazakhstan (Q2 +16t),
· Czech Republic (Q2 +6t),
· Qatar (Q2 +2t), and
· Reported sales included Singapore in Q2 (−5t).
Muslim-majority snapshot
Several OIC economies feature meaningfully in the reserves map (reference months vary): Turkey 635t (Jun-2025), Saudi Arabia 323t (Mar-2025), Egypt 129t (Jun-2025), Qatar 116t (Jun-2025), UAE 74.6t (Mar-2025). Use consistent month stamps when comparing countries.
Where the IMF fits
The International Monetary Fund is itself a large official holder at about 90.5 million ounces (~2,814t) stored across designated depositories. This stock is separate from any single country’s total and often appears in “official sector” aggregates. IMF
Reading the numbers without common pitfalls
- Tonnes vs. shares – Tonnes do not show what fraction of a country’s total reserves is in gold; WGC also publishes percentage shares, but this guide focuses on tonnes for clarity.
- Valuation vs. quantity – Market value changes with price even if tonnes are unchanged.
- Lag and revisions – WGC updates monthly within the first 10 days; data are typically two months in arrears and subject to revision as official sources update.
- ETFs aren’t “official reserves” – Gold-backed ETF holdings reflect private investment flows, not central-bank books; they can still influence market conditions referenced in demand reports.
Why this matters to investors
Large, stable official stocks can support a country’s resilience narrative in stress. Meanwhile, net official buying has been one contributor to gold’s broader demand picture in 2024–2025. For context, spot gold set a fresh record on 29 September 2025 near $3,833/oz. This underscores that price can move even when official tonnes change slowly.
Product note: Musaffa’s new trading portal (launching soon) will allow buying of gold ETFs.
Endnotes
- World Gold Council, “Gold Reserves by Country”.
- Trading Economics, “Gold Reserves – Countries – List.”
- World Gold Council, Gold Demand Trends Q1 2025 – Central Banks
- World Gold Council, Gold Demand Trends Q2 2025 – Central Banks
- IMF, “Gold in the IMF” factsheet
Reuters, Gold record highs on 29 Sep 2025;
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