Lawmakers from Giorgia Meloni’s rightwing coalition are pushing to have Italy’s gold reserves declared the property of the Italian people — a move critics fear will pave the way for a government sell-off of the metal.

Italy has the third-largest gold reserves in the world after the US and Germany, with roughly 2,452 tonnes, according to Bank of Italy data. Following the recent blistering rise in global prices, it has a current market value of about €285bn.

The Bank of Italy says that it owns the gold as part of the country’s official foreign exchange reserves. These stocks “boost confidence in the stability of Italy’s financial system and of the [euro]” and are a “safeguard for the Bank of Italy in fulfilling its public functions”, the cental bank says.