In 2023, the official reserve assets of the United States held in gold had a value of approximately 543.5 billion U.S. dollars. In 2000, the Federal Reserve had official reserve assets in gold worth about 71.8 billion U.S. dollars.

This paper investigates the extent to which the high macroeconomic volatility experienced in the classical Gold Standard era of US history can be attributed to the monetary policy regime per se as distinct from other shocks. For this purpose, we estimate a small dynamic stochastic general equilibrium model for the classical Gold Standard era. We use this model to conduct a counterfactual experiment to assess whether a monetary policy conducted on the basis of a Taylor rule characterizing the Great Moderation data would have led to different outcomes for macroeconomic volatility and welfare in the Gold Standard era. The counterfactual Taylor rule significantly reduces inflation volatility, but at the cost of higher real-money and interest-rate volatility. Output volatility is very similar. The end result is no welfare improvement.

The euro and U.S. dollar made up more than ***** of 10 SWIFT payments worldwide in 2025, outperforming many other currencies. This is according to a monthly report meant to track the market share of China's yuan renminbi within the international bank transfer system SWIFT. Although China holds the largest forex reserves in the world, the yuan ranked as the ******-used currency in international payments. The figures concern customer-initiated and institutional payments and exclude trade. Discussions on the potential weakening role of the U.S. dollar especially touch world trade and forex. For example, the share of the USD in forex reserves declined visibly against the euro and Japanese yen in 2024. What sparked this de-dollarization trend, and will it continue? Trade sanctions and de-dollarization De-dollarization in 2024 is mentioned mostly alongside trade and the BRICS countries - an informal name given to Brazil, Russia, India, China, and South Africa. The combined GDP of BRICS is about ** percent of the world's economy. After the start of the Ukraine war and Russia received economic sanctions, the BRICS slowly evolved into a trading bloc. The group increasingly wanted its own currency to settle payments within the trade bloc, to avoid using the U.S. dollar. In August 2024, BRICS will gather in South Africa to discuss the creation of such a new joint currency. Additionally, ** countries - including Argentina, Algeria, Egypt, Saudi Arabia, Turkey, and Yemen - expressed interest in joining the BRICS group. CBDC, or projects into a digital payment settlement A factor of future uncertainty for the U.S. dollar is how central bank digital currencies (CBDC) develop in emerging countries. Several projects exist between individual countries that specifically target cross-border interbank payments. A cooperation between Thailand and Hong Kong, Inthanon-Lionrock, ranks as the most advanced of these projects. CBDC does not require the U.S. dollar to function. Tangible such as commodities or gold can back them. The value of transactions processed with CBDC is to grow by ******* percent between 2024 and 2030.

Graph and download economic data for Monetary Gold Stock for United States (M1476CUSM144NNBR) from Jan 1947 to Dec 1970 about gold and USA.

The U.S. Treasury-Owned Gold dataset provides the amount of gold that is available across various U.S. Treasury-maintained locations. The data shows whether the gold is held in deep storage or working stock, that is, available to the U.S. Mint as raw material for the creation of congressionally authorized coins. The dataset includes the weight of gold in troy ounces (a measurement unit still used today for precious metals and gunpowder) and the book value in dollars. The book value is not the market value, but instead represents the total number of troy ounces multiplied by a value established by law ($42.222), set in 1973.

United States - US Acquisition of Reserve Assets: Monetary gold was 0.00000 Mil. of $ in October of 2024, according to the United States Federal Reserve. Historically, United States - US Acquisition of Reserve Assets: Monetary gold reached a record high of 0.00000 in April of 1999 and a record low of 0.00000 in April of 1999. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - US Acquisition of Reserve Assets: Monetary gold - last updated from the United States Federal Reserve on July of 2025.

Key information about US Gold Reserves

• US Gold Reserves was reported at 11.041 USD bn in Jan 2025
• This stayed constant from the previous number of 11.041 USD bn for Dec 2024
• US Gold Reserves data is updated monthly, averaging 11.061 USD bn from Jan 1947 to Jan 2025, with 937 observations
• The data reached an all-time high of 24.771 USD bn in Aug 1949 and a record low of 9.662 USD bn in Apr 1972
• US Gold Reserves data remains active status in CEIC and is reported by CEIC Data
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Gold Reserves: USD: Monthly

Interactive chart of historical data showing the broad price-adjusted U.S. dollar index published by the Federal Reserve. The index is adjusted for the aggregated home inflation rates of all included currencies. The price adjustment is especially important with our Asian and South American trading partners due to their significant inflation episodes of the 80s and 90s.

Total reserves (includes gold, current US$) in United States was reported at 227759698199 USD in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. United States - Total reserves (includes gold, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

France Gold Price: Monthly Average: US Dollar data was reported at 1,214.726 USD/oz in Oct 2018. This records an increase from the previous number of 1,199.197 USD/oz for Sep 2018. France Gold Price: Monthly Average: US Dollar data is updated monthly, averaging 1,239.742 USD/oz from Jul 2014 (Median) to Oct 2018, with 52 observations. The data reached an all-time high of 1,340.167 USD/oz in Aug 2016 and a record low of 1,068.357 USD/oz in Dec 2015. France Gold Price: Monthly Average: US Dollar data remains active status in CEIC and is reported by Bank of France. The data is categorized under Global Database’s France – Table FR.P003: Gold Price.

This statistic shows the gold demand worldwide from 2005 to 2015, in U.S. dollars. In 2011, approximately 237.4 billion U.S. dollars of gold was demanded globally. Most of the world's gold demand came by the jewelry industry.

Series Is Presented Here As Three Variables--(1)--Original Data, 1878-1914 (2)--Original Data, 1914-1946 (3)--Original Data, 1947-1970. Data Reflect Monthly Averages Of Daily Figures. Source: Federal Reserve Board, Federal Reserve Bulletins, 1947 And Following Issues.

This NBER data series m14076c appears on the NBER website in Chapter 14 at http://www.nber.org/databases/macrohistory/contents/chapter14.html.

NBER Indicator: m14076c

This statistic presents the gold reserves of largest gold holding countries worldwide in 2024. At that time, the central bank of the United States held approximately ******* metric tons of gold. Gold reserves — additional information The United States has the largest gold reserve, with more than ***** metric tons of gold. This was more than twice the gold reserves of Germany and more than three times the gold reserves of Italy and France. China ranked fifth for the amount of gold it has on reserve, but more gold is being mined in China than any other country in the world. Australia, on the other hand, is home to the largest gold mine reserves in addition to being the second-largest producer of gold, after China. While gold no longer serves as an object of exchange and as a confirmation value, gold remains an investment asset for governments, and it could provide a safeguard against inflation or recession. The average price of gold reached a record in 2024, amounting to ******** U.S. dollars for one troy ounce.

United States - Monetary Authority; Monetary Gold; Asset, Transactions was 0.00000 Mil. of $ in October of 2024, according to the United States Federal Reserve. Historically, United States - Monetary Authority; Monetary Gold; Asset, Transactions reached a record high of 4000.00000 in January of 1970 and a record low of -5992.00000 in January of 1968. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Monetary Authority; Monetary Gold; Asset, Transactions - last updated from the United States Federal Reserve on June of 2025.

In 2022, the total amount of gold produced in the United States was worth approximately 10 billion U.S. dollars. U.S. gold production from mines that year amounted to 173 metric tons.

United States Assets: Flow: ORA: FG: Monetary Gold data was reported at 0.000 USD bn in Mar 2018. This stayed constant from the previous number of 0.000 USD bn for Dec 2017. United States Assets: Flow: ORA: FG: Monetary Gold data is updated quarterly, averaging 0.000 USD bn from Dec 1951 (Median) to Mar 2018, with 266 observations. The data reached an all-time high of 0.695 USD bn in Dec 1969 and a record low of -0.956 USD bn in Mar 1970. United States Assets: Flow: ORA: FG: Monetary Gold data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.AB035: Funds by Instruments: Flows and Outstanding: US Official Reserve Assets.

This chart tracks the price of gold in U.S. dollars over the last 10 years.

Please refer to: https://data.imf.org/en/news/accessing%20international%20financial%20statistics

Gold Bullion Market Outlook

According to our latest research, the global gold bullion market size reached USD 248.5 billion in 2024, and it is expected to grow at a CAGR of 4.7% during the forecast period, reaching approximately USD 373.4 billion by 2033. This healthy growth trajectory is primarily attributed to the increasing demand for safe-haven assets amid global economic uncertainties, rising geopolitical tensions, and a persistent appetite for portfolio diversification among both institutional and individual investors. The gold bullion market continues to benefit from its reputation as a reliable store of value, particularly during periods of inflation and currency depreciation, as per our comprehensive market analysis for 2025.

One of the most significant growth factors for the gold bullion market is the heightened volatility and uncertainty in global financial markets. Investors, both retail and institutional, are increasingly turning towards gold bullion as a hedge against inflation, currency fluctuations, and geopolitical risks. The persistent low-interest-rate environment, coupled with concerns over sovereign debt and fiscal imbalances in major economies, has further fueled the demand for physical gold. Central banks, especially in emerging markets, have been augmenting their gold reserves to diversify away from the US dollar and other fiat currencies, providing a strong and sustained impetus to the gold bullion market.

Another key driver propelling the gold bullion market is the growing accessibility and innovation in distribution channels. The proliferation of online platforms and digital gold investment products has democratized access to gold bullion, enabling a broader base of individual investors to participate in the market. This trend is further amplified by the introduction of fractional gold ownership, secure storage solutions, and transparent pricing mechanisms, which have collectively enhanced investor confidence and convenience. Additionally, the rise of gold-backed exchange-traded funds (ETFs) and other financial instruments has expanded the avenues for gold investment, reinforcing the market’s growth momentum.

Sustainability and ethical sourcing concerns are also shaping the gold bullion market landscape. Increasing awareness about responsible mining practices and the environmental and social impact of gold extraction has led to the emergence of certified, conflict-free bullion products. Regulatory initiatives and industry-led standards, such as the London Bullion Market Association (LBMA) Responsible Gold Guidance, are driving transparency and traceability across the supply chain. These developments are not only addressing investor concerns but also attracting a new segment of environmentally and socially conscious buyers, further supporting market expansion.

From a regional perspective, the Asia Pacific region remains the dominant force in the gold bullion market, driven by robust demand in countries like China and India, where gold holds deep cultural and economic significance. North America and Europe also represent substantial market shares, supported by strong institutional investment and central bank activity. Meanwhile, the Middle East & Africa and Latin America are emerging as important markets, buoyed by rising wealth levels, favorable regulatory environments, and increasing financial inclusion. The regional diversity in demand drivers underscores the global appeal and resilience of the gold bullion market.

Product Type Analysis

The gold bullion market is segmented by product type into bars, coins, rounds, and others, each catering to distinct investor preferences and use cases. Gold bars, often regarded as the standard investment vehicle for institutional buyers and high-net-worth individuals, account for the largest share of the market. Their appeal lies in their high purity, lower premiums over spot prices, and ease of storage and transport, making them the preferred choice for those seeking to make substantial investments in physical

United States Assets: Flow: MA: Gold & Foreign Exchange data was reported at -0.023 USD bn in Sep 2018. This records an increase from the previous number of -0.050 USD bn for Jun 2018. United States Assets: Flow: MA: Gold & Foreign Exchange data is updated quarterly, averaging 0.033 USD bn from Dec 1951 (Median) to Sep 2018, with 268 observations. The data reached an all-time high of 6.015 USD bn in Jun 1989 and a record low of -3.411 USD bn in Sep 1996. United States Assets: Flow: MA: Gold & Foreign Exchange data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.AB011: Funds by Sector: Flows and Outstanding: Monetary Authority.