India’s gold reserves increase marginally in February: WGC

India’s gold reserves increase marginally in February: WGC

1. According to the latest data from World Gold Council (WGC), India has marginally increased its gold holding in February 2019. India’s gold holding increased from 607 tonnes in January to 608.7 tonnes in February. Gold holding is a central banks’ total holding of gold as a percentage of their foreign exchange reserves.
2. Early in March, a recent report by World Gold Council had ranked India 11th in terms of gold holding. Among countries, India ranked 10^thin terms of gold holding. USA ranked first followed by Germany, International Monetary Fund (IMF), Italy and France.
3. Among Asian countries, Mainland China (7) and Japan (9) ranked better than India. Pakistan ranked 45^thwhile Sri Lanka and Bangladesh ranked 63^rd and 66^th
4. The World Gold Council is the market development organisation for the gold industry. It is an association of world’s leading gold producers.