India’s gold reserves have been steadily increasing over the years, making the country one of the world’s leading holders of the precious metal.
Published: May 12, 2026 8:20 PM IST
India Gold reserves update: In an important statement made by the Prime Minister Narendra Modi on Monday, the top leader of the country appealed for greater self-reliance in consumption habits and financial discipline, including reduced dependence on imported goods, gold purchases and fuel consumption. Urging citizens to support domestic products and strengthen local industries, stating: “Today’s need is to make ‘Vocal for Local’ a mass movement.”
During his address in Vadodara, PM Modi said that the increased use of foreign goods places pressure on India’s foreign exchange reserves. On gold imports, he said a large amount of national resources is spent on the metal.
What PM Modi said on not buying gold for countrymen?
He appealed for restraint in non-essential purchases, stating, “Gold is not necessary at this time,” and suggested postponing such expenditure until global conditions stabilise. He also mentioned edible oil consumption, urging moderation due to its impact on both health and imports. He said reducing consumption could benefit both individuals and the national economy. On fuel usage, he reiterated his appeal to reduce dependency on petrol and diesel.
Which country has the most gold reserves in the world?
- The United States continues to hold the top position in global gold reserves, a rank it has maintained for many years. The country currently possesses around 8,133.50 tonnes of gold, the highest in the world.
- Germany stands second with approximately 3,351.5 tonnes of gold reserves, reflecting a steady and significant rise over time.
- Italy occupies the third spot among nations with the largest gold holdings, with reserves estimated at nearly 2,452 tonnes.
- France follows closely in fourth place, with total gold reserves of about 2,437 tonnes.
- Russia ranks fifth and is also recognized as one of the world’s biggest gold buyers. Its gold reserves are estimated at around 2,333 tonnes.
How much gold does India have?
Among the major economies, India has been steadily strengthening its gold reserves and currently ranks seventh globally in gold holdings. India’s reserves stand at approximately 880.13 tonnes. The country is also one of the world’s largest gold importers, bringing in nearly 750 tonnes of gold every year, highlighting the strong domestic demand and cultural significance of the precious metal in India.
