Photographs: Shannon Stapleton/Reuters.
China and India remain the cultural heartlands of gold, generating 55 per cent of global jewellery demand and 49 per cent of global demand, says the World Gold Council.
The global demand for gold in 2011 rose to 4,067.1 tonnes worth an estimated $205.5 billion - the first time that global demand has exceeded $200 billion and the highest tonnage level since 1997, according to the WGC.
The main driver for this increase was the investment sector where annual demand was 1,640.7 tonnes up 5 per cent on the previous record set in 2010 and with a value of $82.9 billion.
Here's a look at 20 nations with the highest gold reserves...
1. United States
Gold holdings: 8,133.5 tonnes
Percentage of foreign reserves in gold: 74.5%
...
20 nations with the world's largest gold reserves
Image: People walk through the jewellery area at a shopping store in Berlin.Photographs: Tobias Schwarz/Reuters.
2. Germany
Gold holdings: 3,396.3 tonnes
Percentage of foreign reserves in gold: 71.4%
...
20 nations with the world's largest gold reserves
Image: Gold necklaces are pictured in a window at the Vicenza Oro Choice exposition in Vicenza.Photographs: Alessandro Garofalo/Reuters.
3. Italy
Gold holdings: 2,451.8 tonnes
Percentage of foreign reserves in gold: 71.0%
...
20 nations with the world's largest gold reserves
Image: A man looks at jewels displayed for auction after being pawned by their owners at the Credit Municipal public pawnbroker in Nice.Photographs: Eric Gaillard/Reuters.
4. France
Gold holdings: 2,435.4 tonnes
Percentage of foreign reserves in gold: 71.1%
...
20 nations with the world's largest gold reserves
Image: A sales representative poses behind a nine-tael 24K gold in the shape of a dragon forming the numerals 2012.Photographs: Bobby Yip/Reuters.
5. China
Gold holdings: 1,054.1 tonnes
Percentage of foreign reserves in gold: 1.6%
...
20 nations with the world's largest gold reserves
Image: A watch is displayed in a glass cabinet at a newly opened shop of Swiss luxury brand Piaget at the Bahnhofstrasse in Zurich.Photographs: Arnd Wiegmann/Reuters.
Switzerland
Gold holdings: 1,040.1 tonnes
Percentage of foreign reserves in gold: 16.3%
...
20 nations with the world's largest gold reserves
Image: UAZ automobile exhibit, made amber and which costs about $650,000, is displayed during the Junwex Petersburg jewelry exhibition in St. Petersburg.Photographs: Alexander Demianchuk/Reuters.
7. Russia
Gold holdings: 883.3 tonnes
Percentage of foreign reserves in gold: 9.1%
...
20 nations with the world's largest gold reserves
Image: Second hand gold jewellery items are displayed at Ginza Tanaka store in Tokyo.Photographs: Yuriko Nakao/Reuters.
8. Japan
Gold holdings: 765.2 tonnes
Percentage of foreign reserves in gold: 2.9%
...
20 nations with the world's largest gold reserves
Image: Figurines in 24K gold.Photographs: Bobby Yip/Reuters.
9. Netherlands
Gold holdings: 612.5 tonnes
Percentage of foreign reserves in gold: 59.8%
...
20 nations with the world's largest gold reserves
Image: A bejeweled bride attends a mass marriage ceremony in Gujarat.Photographs: Amit Dave/Reuters.
10. India
Gold holdings: 557.7 tonnes
Percentage of foreign reserves in gold: 9.2%
...
20 nations with the world's largest gold reserves
Image: A shopkeeper poses with gold rings inside a jewellery shop in Taipei.Photographs: Nicky Loh/Reuters.
11. Taiwan
Gold holdings: 422.4 tonnes
Percentage of foreign reserves in gold: 5.4%
...
20 nations with the world's largest gold reserves
Image: A general view shows jewellery and watches displayed in glass cabinets at a newly opened shop of Swiss luxury brand Piaget at the Bahnhofstrasse in Zurich.Photographs: Arnd Wiegmann/Reuters.
12. Portugal
Gold holdings: 382.5 tonnes
Percentage of foreign reserves in gold: 90.5%
...
20 nations with the world's largest gold reserves
Image: A Caravaca cross hangs down the back of a man during a spiritual ceremony believed to promote good health as part of the annual religious festival of Maria Lionza.Photographs: Jorge Silva/Reuters.
13. Venezuela
Gold holdings: 372.9 tonnes
Percentage of foreign reserves in gold: 72.4%
...
20 nations with the world's largest gold reserves
Image: A salesman arranges gold necklaces at a jewellery shop in downtown Riyadh.Photographs: Fahad Shadeed/Reuters.
14. Saudi Arabia
Gold holdings: 322.9 tonnes
Percentage of foreign reserves in gold: 2.9%
...
20 nations with the world's largest gold reserves
Image: An art nouveau Spanish brooch from the 1910's, made from 18-carat gold and set with opals and worth 36,000, is displayed at Bentley and Skinner jewellers in London.Photographs: Suzanne Plunkett/Reuters.
15. United Kingdom
Gold holdings: 310.3 tonnes
Percentage of foreign reserves in gold: 16.2%
...
20 nations with the world's largest gold reserves
Image: A model presents a creation by jewellery designer Mukhi during a show at Joaillerie Liban Exhibition 09 in Beirut.Photographs: Jamal Saidi/Reuters.
16. Lebanon
Gold holdings: 286.8 tonnes
Percentage of foreign reserves in gold: 29.7%
...
20 nations with the world's largest gold reserves
Image: This set of eight ruby and diamond stars, made in the mid 19th century, originally in the collection of her Majesty Maria Isabella II, Queen of Spain.Photographs: Reuters.
17. Spain
Gold holdings: 281.6 tonnes
Percentage of foreign reserves in gold: 29.7%
...
20 nations with the world's largest gold reserves
Image: Prehistoric gold spirals are displayed at the museum of natural history in Vienna.Photographs: Lisi Niesner/Reuters.
18. Austria
Gold holdings: 280 tonnes
Percentage of foreign reserves in gold: 55.6%
...
20 nations with the world's largest gold reserves
Image: A diamond necklace owned by Princess Grace of Monaco is displayed at the Diamond Divas exhibition in Antwerp.Photographs: Reuters.
19. Belgium
Gold holdings: 227.5 tonnes
Percentage of foreign reserves in gold: 38.5%
...
20 nations with the world's largest gold reserves
Image: Gold sovereigns, portraying modern Turkey's founder Ataturk, are seen on sale at a jewellery shop in Istanbul.20. Turkey
Gold holdings: 179.1
Percentage of foreign reserves in gold: 9.4%
article