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?
- ABoth Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
- BBoth Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
- CStatement-I is correct but Statement-II is incorrectCorrect
- DStatement-I is incorrect but Statement-II is correct
Explanation
Statement-I is correct. Switzerland is one of the world's leading exporters of gold in terms of value. This is largely due to its highly developed gold refining industry — four of the world's largest gold refineries are located in Switzerland, processing a significant portion of the world's gold.
Statement-II is incorrect. Switzerland does not have the second largest gold reserves in the world. The United States holds the largest official gold reserves, followed by Germany, Italy, and France. Switzerland ranks around 7th globally in gold reserves.
Since Statement-I is correct but Statement-II is incorrect, the answer is C.
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