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Home Gold News Reserve Bank of India Repatriates 102 Metric Tonnes of Gold Ahead of Diwali

Reserve Bank of India Repatriates 102 Metric Tonnes of Gold Ahead of Diwali

by anna

The Reserve Bank of India (RBI) has successfully repatriated 102 metric tonnes of gold from the Bank of England as the festive season approaches. This transfer was made to secure locations within India from London, and the operation was conducted discreetly to ensure safety and security.

Amid increasing global uncertainties, experts have suggested that holding gold reserves domestically is a safer strategy. Since 2022, India has repatriated nearly 214 tonnes of gold, according to a report by ET. As of September, the RBI’s forex reserves report indicated that India holds a total of 854.73 tonnes of gold, with over half of that stored within the country, excluding the latest repatriated amount.

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The RBI arranged specialized flights for the transfer, implementing enhanced security measures to facilitate its smooth arrival. Reports suggest this operation may conclude the year’s repatriation efforts.

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In terms of bonds, the RBI last issued Sovereign Gold Bonds (SGB) in February 2024, with a subscription of 12,786 kg during Tranche 2023-24, Series IV. There has been no recent update on further issues, implying the central bank may pause additional releases for now.

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On Wednesday, gold prices surged by ₹1,000, surpassing the ₹82,000 mark for 10 grams in Delhi for the first time.

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