Gold News

India contains largest cumulative amount of gold

A total of around 145,000 tonnes of gold, the precious yellow metal that has always been revered by humans, have been mined throughout history.

In terms of national reserves, it is the US that owns the largest amount of gold, Rediff News reports, with Germany and the International Monetary Fund in second and third positions.

However, if jewellery ownership is also taken into consideration, it is thought that India contains that largest amount of gold within its national boundaries - at least 13,000 tonnes.

According to Sharekhan.com, India accounts for around a fifth of the world's gold off-take in any given year. The metal is an important part of ceremonies in India, such as weddings.

In terms of the metal's usage, around 70 per cent of gold is used for making jewellery, 11 per cent is used for industrial purposes (dental uses, electronics), and 13 per cent is used for investment, both institutional and individual.

ADNFCR-1047-ID-18175976-ADNFCR

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