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Countries Buying the Most Gold (2013-2023)

Amid escalating geopolitical tensions, increased sanctions, and discussions around de-dollarization, interest in gold purchases is rising. But which countries are leading the charge in increasing their gold reserves?

This graphic ranks the top 10 countries by the change in gold reserves over the past decade (2013-2023). The figures, measured in tonnes, were compiled by the World Gold Council.

Russia and China Lead in Gold Purchases

Central banks, particularly those of Russia and China, have bought gold at the fastest pace as countries seek to diversify their reserves away from the dollar. Central banks also hold gold reserves due to their safety, liquidity, and return characteristics.

Russia’s reserves jumped from 1,035 tonnes in 2013 to 2,333 in 2023. China’s reserves rose from 1,054 tonnes to 2,235 in 2023.

In third place in our ranking of central bank gold additions, Türkiye increased its reserves from 116 tonnes in 2013 to 540 tonnes in 2023.

The United States remains as the country with the highest overall gold reserves, holding 8,133 tonnes. Half of the country’s reserves are stored at the United States Bullion Depository, commonly known as Fort Knox, a United States Army installation in Kentucky.

Germany ranks second with 3,351 tonnes, followed by Italy with 2,452 tonnes.

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