China’s appetite for gold is growing, with net imports via Hong Kong jumping more than 80% in April. Yet the UK’s gold reserves have remained broadly unchanged over the past decade. [1]
To see how the UK compares globally, experts at The Gold Bullion Company have analysed World Gold Council data to reveal which nations have the largest gold reserves and comment on the reasons why nations are focusing on gold investment.
Where the UK ranks among the world’s biggest gold nations:
| Rank | Country | Gold reserves (tonnes) | Gold reserves (oz t) | Estimated value |
| 1 | United States | 8,133.5 | 261,492,025 | $897.3bn |
| 2 | Germany | 3,350.3 | 107,712,145 | $369.6bn |
| 3 | Italy | 2,451.8 | 78,825,370 | $270.5bn |
| 4 | France | 2,437.0 | 78,349,550 | $268.9bn |
| 5 | Russia | 2,311.0 | 74,298,650 | $255.0bn |
| 6 | China | 2,308.5 | 74,218,275 | $254.7bn |
| 7 | Switzerland | 1,039.9 | 33,432,785 | $114.7bn |
| 8 | India | 880.3 | 28,301,645 | $97.1bn |
| 9 | Japan | 846.0 | 27,198,900 | $93.3bn |
| 10 | Netherlands | 612.5 | 19,691,875 | $67.6bn |
| 18 | United Kingdom | 310.3 | 9,976,145 | $34.2bn |
Where the UK currently ranks among the top nations:
- The UK has an estimated gold reserve value of $34.2 billion, ranking 18th worldwide.
- Between April 2025 and April 2026, the UK refrained from increasing its gold reserves.
- The UK has 310.3 tonnes of gold, ranking 17th globally.
- The total value of gold worldwide is $3.6 trillion.
Rick Kanda, Managing Director at The Gold Bullion Company, comments:
“After analysing this new data, it’s clear to me that central banks continuing to build and hold gold reserves is a strong signal of how seriously governments are treating ongoing economic uncertainty. While total holdings haven’t shifted dramatically, the rising price of gold has pushed the value of those reserves to record levels, reinforcing its role as a long-term store of value in volatile markets.
“What I find especially interesting are the motivations behind this demand. Countries are actively reducing reliance on fiat currencies and insulating themselves from geopolitical risk. That same principle applies at the individual level, where we see investors increasingly seeking assets that sit outside traditional financial systems and retain their value over time.
“For private investors, this is about stability, wealth preservation, and diversification. Physical gold, whether in bars or coins, offers a tangible asset that isn’t tied to the performance of equities or currencies, making it a useful hedge against inflation and market shocks.
“Anyone considering buying gold should focus on transparency and trust. That means working with established, reputable dealers, understanding exactly what you’re paying in premiums, and taking a long-term view to investments. Central banks aren’t buying gold for quick returns, and for most investors, the same mindset applies.”
You can view the full research here.
[1] – China’s April net gold imports via Hong Kong rise 81.2% from March
