India ranked fourth in the list of countries buying the most gold, Turkey on top

Investing In Gold In India: For Indians, gold is not only a precious metal but also an auspicious metal. Indian people mostly invest in Gold only. According to a media report, India has come at the fourth position in the world regarding the purchase of gold. Only 10 percent of the gold mined so far in the world is used industrially.

Countries engaged in buying gold

The precious metal gold is considered as a reserve in the country, which is used against inflation, volatility. Recently, due to the fluctuations in cryptocurrency, an atmosphere of fear has arisen among the people. Many countries have started buying more and more gold. He can use it for economic reform.

bought 670 tonnes of gold

Gold purchases by central banks across the world have touched a record high between January-September 2022 period. In the third quarter (Q3) alone, all together have purchased 670 tonnes of yellow metal. Additionally, a quarter of central banks globally intend to buy the yellow metal this year.

see what is report

According to media reports, Zerodha Co-Founder Nitin Kamath has presented his views on gold as an investment. Kamath said that ‘new 9 days old 100 days’, it is always a good idea to follow smart money. As the track record of gold as a hedge against inflation has improved, the country is buying gold heavily.

Most bought gold in 2022

According to the reports of Kamath, in the year 2022, Turkey has come at the top position among the countries that buy the most gold. The country bought 94.63 tonnes of the yellow metal during the January-September quarter, which is more than double the 44.41 tonnes bought by Egypt. With the purchase of 31.25 tonnes of gold during the same period, India has moved to the fourth position after Iraq. India is inducting the yellow metal in its foreign exchange reserves and to cushion any fall in the currency. In November 2022, the share of gold in the total foreign exchange reserves was 7.26 per cent.

here is the list

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