GOLD NEWS

India now holds more gold domestically, marking 60% increase: RBI data

Fri Nov 01 2024

The gold reserve held by the Reserve Bank of India (RBI) has increased almost 40 per cent in volume in five years, in line with other central banks on a buying spree. India’s gold reserves increased from 618 metric tonne in September 2019 to 854 tonne in September 2024.

The RBI now stores more gold within the country. Latest data from the central bank shows that 510 metric tonne of gold is held domestically, which is 60 per cent of the total reserves as on end September and compared to 50 per cent in March. Between March and September, domestically held gold increased by 102 tonnes. As much as 324 metric tonnes of gold were kept in safe custody with the Bank of England and the Bank for International Settlements (BIS). As much as 20 metric tonne was held in the form of gold deposits.

In value terms (US dollar), the share of gold in the total foreign exchange reserves increased from 8.15 per cent as on March-end 2024 to about 9.32 per cent in end of September 2024.

India's gold reserves

Source: https://www.business-standard.com/