According to the official statistics of the United Nations, there are 14 countries in Oceania, but only three of the central banks in that continent are holding the precious metal for economic purposes.
They are Australia, Papua New Guinea, and Fiji have a minute of gold holding in the smallest continent in terms of land size in the world.
Among them, Australia holds the largest gold reserves in Oceania with 79.85 Tonnes in the first quarter of 2022, it remained unchanged from its 2021 holdings, World Gold Council (WGC) has revealed.
While 11 countries on the continent are unperturbed about gold holdings, The Reserve Bank of Australia is piling up some gold, though the total holding in the entire continent is less than Romania’s 104 tonnes of gold holding.
The European country is the 17th largest gold holder in Europe. The total gold reserves in Oceania were 81.84 metric tons at the time of this report.
The countries in Australia may likely buy more going by the latest research by WGC which revealed that more apex banks are planning to purchase gold in its 2022 Central Bank Gold Reserves Survey as inflation bite harder on strong economies including the United States and others around the world.
That said, the third-largest economy in Australia, Papua New Guinea controls 1.96 tonnes of gold reserves, remaining unchanged from its fourth quarter of 2021.
Fiji’s Gold Reserves remained unchanged at 0.03 tonnes in the first quarter of 2022.
|2||Papua New Guinea||1.96|
Usually, economies around the world use gold as an edge over inflation, though its long-term effect has been debated over time.
Note: The largest gold reserves holder in Oceania, Australia has large gold deposits which can be found in the Western part of the country.