Where the Gold Is: 40 Nations with Highest Holdings

Where the Gold Is: 40 Nations with Highest Holdings

Gold
REUTERS/Arnd Wiegmann
By Akin Oyedele, Business Insider

The World Gold Council is out with its latest report on gold demand.

In the first quarter, demand dropped by 11 tonnes, or 1%, year-over-year.

"Top-line demand was broadly neutral — down just 11t (1%) despite substantial underlying differences across geographies and sectors," the report said.

Related: Putin Is Hoarding Gold and Rattling Sabers--What’s He Up to Now?

"Pockets of strength in jewelry were balanced by weakness elsewhere as demand responded to local conditions in each market. Higher volumes in India, the US, and the smaller Southeast Asian markets were set against declines in China, Turkey, Russia, and the Middle East."

On Thursday, gold continued its rally after breaking above the key $1,200 level on Wednesday.

Gold rose to as high as $1,223 an ounce, its highest level in three months. 

And so with gold demand broadly neutral, this chart shows which countries are holding the most gold:

This article originally appeared on Business Insider.
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