Switzerland — leading gold exporter; has world's second largest gold reserves
Question
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?
Options
Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
Statement-I is correct but Statement-II is incorrect
Statement-I is incorrect but Statement-II is correct
Explanation
Statement-I is correct; Switzerland is the world's primary hub for gold refining and transit, consistently making it the leading exporter of gold by value. Statement-II is incorrect; the United States holds the world's largest sovereign gold reserves, followed by Germany, Italy, and France. Switzerland's reserves are substantial (often around 7th) but not second.
Answer: (c).
Question details
Year
2023
Paper
GS Paper 1
Question
Q86
Subject
Economy
Sub-topic
External Sector & Trade
Type
Assertion-Reason
Difficulty
Hard
Nature
Current-affairs-linked
Source hint
World Gold Council Global Bullion / Gold Refining Trade 2022
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