Venezuela, in a series of operations that started in November 2011, had finally completed the repatriation of its $9 billion gold reserves that were withdrawn from various foreign overseas banks.

The gold reserves had been transferred the country's Central Bank.

"In two months, we've brought 160 tonnes of gold valued at around $9 billion back to Venezuela," Nelson Merentes, Central Bank President, said on state television from the Caracas airport on Monday. "Today marks the last day of the mission."

Mr Merentes said a total of 14 metric tonnes of gold arrived at the Caracas airport from Europe on Monday. The precious metal were then carried in a caravan to vaults within the central bank as street banners proclaimed "Mission Complete." All these were broadcast live on Venezuelan state television.

In August last year, Venezuelan President Hugo Chavez expressed intent to have the country's gold reserves, about 211 metric tons that are held in U.S. and European banks, returned back to the country's physical hands. Mr. Chavez said having their own gold in their own turf will help shield the country from economic troubles affecting the U.S. and Europe today.

Mr Merentes said 85 per cent of Venezuela's gold reserves are now held in the country's central bank vaults.

Mr Merentes refused to comment when asked if there are Venezuelan gold still being held outside the country in foreign overseas banks.

He did say however that Venezuela will keep 15 per cent of its reserves, around 50 tonnes, in banks outside the country for financial transactions.

The South American country, which holds the 15th-largest holdings in the world, maintained 211 tonnes of its 365 tonnes of gold reserves in U.S., European and Canadian banks as of August, according to data from the World Gold Council.

The gold ingots left Venezuelan shores between 1989 and 1992, Mr Merentes said.

Meanwhile, Mongolia's gold reserves have risen 1.2 metric tonnes to 3.5 tonnes last December, up for the eleventh consecutive year, data from the International Monetary Fund showed.

Mongolia is home to some of the Earth's largest untapped gold, copper, and uranium reserves. Presently, there are 1,083 active mine sites in Mongolia, 419 of which are legal.

Oil-producing country Iran announced it holds $120 billion of foreign exchange reserves, plus 907 tonnes in gold reserves, the Tehran Times reported, quoting Yahya Ale-Eshagh, chairman of the Tehran Chamber of Commerce, Industries and Mines.

Iran's gold reserves reportedly amount to a total of $17.5 billion, Fars news agency quoted Mr Ale-Eshagh as saying.

Iran purchased the gold in recent years at an average of $600 per ounce, Mr Ale-Eshagh said. Gold currently trades at an average of $1,730 per ounce.

"We don't have any shortage of foreign currency or gold to meet the local demand," Tehran Times reported, quoting Mr Ale-Eshagh.