DHAKA: Central banks purchased 118 tones in net gold in Q2 2014, representing a 28% year-over-year increase, according to the World Gold Council.

In May 2014, the European Central Bank and other European central banks signed the fourth Central Bank Gold Agreement (CBGA).

The agreement states that the central banks ‘currently do not have plans to sell significant amounts of gold’, and it will last for 5 years starting in the end of September 2014.

Country-wise, Russia saw a major increase in official reserves since February 2014, moving its place up two spots in the ranking.

Global official gold holdings totalled 31,812.0 tonnes as of August 2014, according to the latest report from the World Gold Council.

Business Insider identified the ten countries with the largest gold reserves, reports The Times of India.

1. United States

Official gold holdings: 8,133.5 tonnes

Percentage of foreign reserves in gold: 71.9%

2. Germany

Official gold holdings: 3,384.2 tonnes

Percentage of foreign reserves in gold: 68.4%

3. Italy

Official gold holdings: 2,451.8 tonnes

Percentage of foreign reserves in gold: 67.0%

4. France

Official gold holdings: 2,435.4 tonnes

Percentage of foreign reserves in gold: 65.1%

5. Russia

Official gold holdings: 1,094.7 tonnes

Percentage of foreign reserves in gold: 9.7%

6. China

Official gold holdings: 1,054.1 tonnes

Percentage of foreign reserves in gold: 1.1%

7. Switzerland

Official gold holdings: 1,040.0 tonnes

Percentage of foreign reserves in gold: 8.0%

8. Japan

Official gold holdings: 765.2 tonnes

Percentage of foreign reserves in gold: 2.5%

9. Netherlands

Official gold holdings: 612.5 tonnes

Percentage of foreign reserves in gold: 54.3%

10. India

Official gold holdings: 557.7 tonnes

Percentage of foreign reserves in gold: 7.3%

BDST: 1412 HRS, AUG 19, 2014