Gold is a popular talking point, whether it’s discussing a much-coveted piece of jewellery or because the price per ounce has gone through the roof – again.
The precious metal dates back to 3600BC according to the Royal Mint. It says that this is when gold was first smelted – extracted – in Ancient Egypt.
Much later in 2600 BC, Egyptian hieroglyphs describe gold as being “more plentiful than dirt”. The earliest known map dates from this time and shows the plan of a gold mine. It’s also when the first gold jewellery is seen.
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Gold remains iconic today. You can own it in the form of jewellery, gold bars and gold coins. You can even own digital gold, courtesy of The Royal Mint which offers the chance to purchase a percentage of a physical gold bar from as little as £20 and store it in The Royal Mint’s state of the art vault.
Gold is often considered a safe-haven asset, with investors turning to invest in gold as a store of value in an increasingly volatile world.
Demand for the precious metal hit a record in 2024 and has been climbing ever since. Its value becomes more attractive as interest rates fall. But just how much gold is in the world?
How much gold is in the world?
The World Gold Council (WGC) estimates that around 216,265 tonnes of gold have been mined throughout history.
It reports that about two-thirds of this gold has been extracted since 1950. This huge increase in production is thanks to advancements in mining technology and the discovery of new gold deposits.
The WGC estimated that if all of this gold were to be gathered into a single cube, it would measure around 22 metres on each side.
Yet gold is still being mined. The WGC reported that the total Q1 gold supply grew 1% year on year to 1,206 tonnes with mine production hitting a first-quarter record of 856 tonnes.
Top countries with the most gold reserves
WGC data shows that the United States holds the most gold in reserve, followed by Germany, International Money Fund (IMF), Italy and France.
|
Country |
Tonnes held in reserve |
|---|---|
|
United States |
8,133.5 |
|
Germany |
3,351.5 |
|
IMF |
2,814 |
|
Italy |
2,451.8 |
|
France |
2,437 |
|
Russian Federation |
2,329.6 |
|
China |
2,289.5 |
|
Switzerland |
1,039.9 |
|
India |
879 |
|
Japan |
846 |
Source: World Gold Council
How much gold is in the UK?
WGC data shows that the UK holds 310.3 tonnes of gold. In 1999, Gordon Brown made the controversial decision to sell more than half of the UK’s gold reserves – around 400 tonnes – for $3.5 billion. That’s the equivalent of around $6.6 billion (£5.2 billion) in today’s money.
The price of gold soared in the years that followed the sell-off. There were plenty of people warning against the move at the time – including at the Bank of England.
The Bank of England reports that its gold vaults now hold around 406,650 bars of gold, worth more than £390 billion. That makes the Bank of England the second largest keeper of gold in the world (the New York Federal Reserve comes top). The Bank stores the UK’s gold reserves on behalf of HM Treasury, and on behalf of other central banks and certain commercial firms.
However, there are many more vaults than just this one in the UK. According to LBMA (London Bullion Market Association) as at end March 2025, the amount of gold held in all London vaults was 8,488 tonnes, valued at an eye-popping $850.1 billion, which equates to approximately 679,068 gold bars.
In the past you could exchange banknotes for the equivalent value in gold at the Bank of England, but this has not been possible since the early 1930s. You can hold a real gold bar in the Bank of England Museum – there are two on display.
How much gold is in the US?
WGC data says that the US holds 8,133.5 tonnes of gold in reserve.
The Federal Reserve Bank of New York houses the world’s largest gold depository, holding gold for central banks and monetary authorities worldwide, as well as a small portion of the US government’s gold. It states: “None of the gold stored in the vault belongs to the New York Fed or the Federal Reserve System.”
Some of the vaulted gold arrived during and after World War II when other countries wanted to ensure their gold reserves were stored in a safe location.
Is there still demand for gold?
The World Gold Council’s Q1 2025 Gold Demand Trends report reveals demand increased by 1% year-on-year, driven partly by revived strong bar and coin demand, particularly in China.
It said that central banks are now entering their 16th consecutive year of net-buying, adding 244 tonnes to global reserves in Q1 amidst ongoing global uncertainty.
While this level of demand was 21% lower year-on-year, it remains robust and in line with the quarterly average for the last three years of sustained, strong buying.
How is gold valued?
The price of gold has fluctuated greatly over time and its value can be driven by factors like supply and demand, interest rates, and market volatility.
The value of gold doesn’t tend to move in line with other assets such as shares or property, and often rallies when stock markets fall. That’s why many people value it as an investment.
How much is gold worth?
The price of gold reached a low of $274 per ounce in 1970 and a high of $2,499 per ounce just ten years later, in 1980.
The price of gold in 2025 has been setting record highs passing the $3,000 mark in March. It then reached an eye-watering $3,500 in April amid the moves by investors to seek a ‘safe haven’ for money in times of turbulent stock markets.
However, things can change quickly. While gold is perceived as a safe haven, the price of gold itself can be volatile.
