RBI ups gold holdings in India to 575.8 tonnes
India’s total gold holdings at 880.8 tonnes including 290.3 tonnes with BoE, Bank for International Settlements
image for illustrative purpose
Mumbai: India’s gold reserves are increasingly being stored within the country as the Reserve Bank of India (RBI) continues to shift its holdings back home. The move comes at a time when nations across the world are using financial sanctions and asset freezes as tools of geopolitical pressure.
According to official data, the RBI brought around 64 tonnes of gold to India during the first six months of the current financial year.
As of September-end, India’s total gold holdings stood at 880.8 tonnes, out of which 575.8 tonnes are now kept in domestic vaults. The remaining 290.3 tonnes are held with the Bank of England (BoE) and the Bank for International Settlements (BIS).
Additionally, 14 tonnes are part of gold deposit arrangements, as per the official data. Since March 2023, the RBI has brought back 274 tonnes of gold from overseas locations.
This large-scale repatriation began after the Russia-Ukraine conflict and the Taliban takeover of Afghanistan, when G7 nations froze the foreign currency reserves of both countries. The RBI’s decision to keep a larger share of its gold at home reflects growing concerns over the safety of overseas reserves amid rising global tensions.
Meanwhile, gold prices in India rose on Wednesday, tracking gains in international bullion markets ahead of the US Federal Reserve’s interest rate decision.
On the Multi Commodity Exchange (MCX), gold opened nearly flat at Rs1,19,647 per 10 grams, compared to its previous close of Rs1,19,646.
