India’s Gold Reserves Surge as RBI Increases Domestic Holdings by 60 Percent
The Reserve Bank of India’s gold reserves have reached 854 metric tonnes, with 60% now held domestically, a 102-tonne increase between March and September 2024.
India’s Gold Reserves Surge as RBI Increases Domestic Holdings by 60 Percent
The Reserve Bank of India (RBI) has significantly boosted its gold reserves, now holding 854 metric tonnes as of September 2024, marking a 40% rise over five years from the 618 tonnes held in September 2019. In line with global central banks prioritizing gold, the RBI has also increased the share of reserves stored domestically, with 510 metric tonnes—about 60% of its total gold holdings—now retained within India, up from 50% in March 2024. This domestic stockpile increased by 102 metric tonnes between March and September this year.
Meanwhile, the remaining 324 tonnes of gold are safeguarded overseas with the Bank of England and the Bank for International Settlements (BIS), while an additional 20 metric tonnes are held as gold deposits. In terms of dollar value, the proportion of gold within India's foreign exchange reserves has grown from 8.15% in March 2024 to 9.32% by the end of September. This move aligns with the RBI's efforts to diversify reserve holdings and enhance security within India’s borders.
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