According to latest World Gold Council data for Q2 2025, the US holds the largest government gold reserves at 8,133.46 tonnes. Germany follows with 3,350.25 tonnes, while Italy (2,451.84 tonnes) and France (2,437 tonnes) rank next. Russia (2,329.63 tonnes) and China (2,298.53 tonnes) are also among the top holders. Switzerland holds 1,040 tonnes, and India ranks eighth with 879.98 tonnes.