India's Reserve Bank brings back 102 metric tonnes of gold ahead of Diwali
Thu Oct 31 2024
The Reserve Bank of India (RBI) brought back a whopping 102 tonnes of gold from the Bank of England during the festive time this year. According to India’s central bank, it transferred the gold to secure locations in the country from London. The operation was kept under wraps to ensure the security and safety of the transfer.
With mounting global risks and expert opinions that hint at gold reserves being safer in the country, India has now brought back almost 214 tonnes in gold since 2022, as per a report by ET. RBI’s forex reserves report published on Monday said that India held a massive 854.73 tonnes of golf as of September, with more than half stored inside the country. This is over and above the latest repatriated amount.
According to TOI, RBI arranged specific flights for the move, with added security measures that ensured its smooth arrival into the country. This latest move seems to be the last in the year, as per reports.
Speaking of bonds, RBI last issued Sovereign Gold Bonds (SGB) where 12786 kg was subscribed, back in February 2024 (Tranche 2023-24, Series IV). There is no update or news regarding any recent issue, hinting that the central bank may hold back on issuing more. On Wednesday, pure gold prices surged by Rs 1,000, breaching the Rs 82,000 mark for 10gm in Delhi for the first time.
Source: https://www.theweek.in