Consider the following statements: 

Statement I: Switzerland is one of the leading exporters of gold in terms of value. 

Statement-II: Switzerland has the second largest gold reserves in the world. 

Which one of the following is correct in respect of the above statements? 

(a) Both Statement I and Statement II are correct and Statement II is the correct explanation for Statement I 

(b) Both statement-I and Statement-Il are correct and Statement-II is not the correct explanation for Statement-I

(c) Statement I is correct but Statement II is incorrect 

(d) Statement I is incorrect but Statement II is correct

Ans: c

Explanation:

Switzerland is of particular global importance concerning the trade of gold. About two-thirds of the globally extracted gold is imported, refined, and re-exported by Switzerland. Switzerland is the world’s biggest gold refining and transit hub. 

In 2023, Switzerland’s gold exports amounted to a value of more than 107 billion U.S. dollars. Switzerland is consistently the world’s leading gold exporting country based on value. The United Kingdom was the second-largest gold exporter in 2023 followed by UAE. 

The top three gold exporters do not figure in the world’s top gold producers. 

As per World Gold  council Top 5 gold producing countries are: China, Russia, Australia, Canada, United States. 

Gold natural reserves: Australia, Russia and South Africa hold a large share of the world’s gold mine reserves, accounting for 12,000, 12,000 and 5,000 metric tons, respectively in 2024.

The top three countries with largest gold reserves held by Central bank  in the world are the USA Germany, Italy.

Hence, statement 1 is correct & statement 2 is incorrect.

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