In a period marked by global market volatility and geopolitical tension, many countries are revisiting their gold reserve strategies. Gold is increasingly viewed as a strategic asset- a hedge against inflation and instability.
While Cyprus is not among the top-tier holders, the island maintains a gold reserve of 13.87 tonnes, based on the latest available data for 2025. This equates to roughly half an ounce per citizen, placing Cyprus 67th globally in gold holdings.
The data was compiled by CEOWORLD and COSMOS Analytica, using statistics from the World Gold Council (WGC) for 2024 and Q1 2025.
Top gold-holding countries
The United States tops the list with a staggering 8,133.5 tonnes, primarily stored at Fort Knox. It is followed by Germany (3,351.5 tonnes) and Italy (2,451.8 tonnes). Other countries in the top ranks include France, Russia, China, Switzerland, India, Japan, and Turkey.
Neighbouring Greece ranks 36th, holding 114.5 tonnes in 2024 and slightly more (114.62 tonnes) by early 2025.
Biggest buyers and sellers of 2024
Gold buyers:
- Poland: +25%
- Turkey: +13.85% (74.79 tonnes)
- India: +9.03% (72.6 tonnes)
- China: Continued purchases, albeit at a slower pace
Other active buyers included the Czech Republic, Iraq, Hungary, Uzbekistan, Ghana, and Qatar.
Gold sellers:
- Philippines: Sold 29.4 tonnes
- Kazakhstan: Sold 10.18 tonnes
- Singapore and Thailand: Significant reductions
- Germany: Sold just 1.12 tonnes — its lowest annual sale since 2002
Notably gold-free economies
Surprisingly, some economically developed countries such as Canada and Norway hold no gold reserves at all. Canada, despite being a global mining leader, no longer views gold as a strategic asset. Norway sold off its entire reserve in 2004, keeping just seven gold bars for exhibition purposes.
Also read: Gold price breaks $3,500 per ounce for the first time
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