New Delhi: Despite being officially abandoned in the 1970s, many countries still maintain gold reserves and now the demand for these reserves is rising due to growing economic uncertainty. Central banks are once again showing a preference for gold as the primary safe-haven asset. Gold reserves remain instrumental in influencing a country’s creditworthiness and overall economic position, even as the modern economic landscape changes.
The gold standard, widely adopted in the late 1800s and a substantial part of the 1900s, involved countries pegging the value of their paper currency to gold by setting a fixed exchange rate between their currency and a specific quantity of gold, according to Forbes. Essentially, each unit of currency issued had an equivalent value in gold, allowing individuals to exchange their paper money for real gold at this established rate.
Forbes recently released a list of the top 10 countries with the largest gold reserves:
Why countries have a gold reserve, Forbes explains
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