Beijing8 minutes ago
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The world's largest gold reserve has been found in Hunan province of China. According to Xinhua News, Pingxiang County of Hunan may have 1000 metric tons of high quality gold. Its value has been estimated at more than 83 billion dollars (Rs 7 lakh crore).
Expert Chen Rulin says that gold has been clearly visible in the cores of many drilled rocks. Core samples show that 1 metric ton of ore may contain as much as 138 grams (about 5 ounces) of gold. It is considered to be the largest gold deposit ever discovered in the world. This is more than 900 metric tons of gold in the South Deep mine of South Africa.
According to the report, more than 40 gold mines have been found in Pingjiang County. Geologists had earlier estimated there to be 300 metric tons of gold here. However, later using 3D modeling it was found that the depth of the gold cracks is up to 3000 meters. There is 700 metric tons more gold in these than estimated.
Actual price not known yet
Chinese officials are doing further research here. Hunan Gold Corporation, which discovered it, says that due to the great depth, it has not been known how much gold is there in the mine. Due to this, the price cannot be said yet. 10% of the world's gold production is in China
China is the world's largest gold producer. Its share in global production in the year 2023 was about 10%. According to the World Gold Council report, till last year China had 2,235.39 tonnes of gold reserves.
If a country's currency weakens internationally, gold reserves help maintain the purchasing power of that country and its economic stability. In 1991, when India's economy was sinking and it did not have dollars to import goods, it raised money by mortgaging gold and came out of this financial crisis.
Having a lot of reserves means that the country's economy is strong. It also shows that the country manages its money well. In such a situation, other countries and global financial institutions trust that country more. Gold reserves provide a solid asset to support the currency value of any country.
