Recent data from the Reserve Bank of India (RBI) reveals a significant rise in the country’s gold reserves, which have increased nearly 40% in volume over the past five years. As of September 2024, India’s gold reserves have grown from 618 metric tonnes in September 2019 to 854 metric tonnes.
The RBI now holds a substantial portion of this gold domestically. The latest figures indicate that 510 metric tonnes of gold, representing 60% of total reserves, are stored within India as of the end of September. This is an increase from 50% in March 2024. Between March and September, domestic holdings rose by 102 metric tonnes. In addition, 324 metric tonnes of gold are kept in secure custody at the Bank of England and the Bank for International Settlements (BIS), while 20 metric tonnes are held as gold deposits.
In terms of value, the proportion of gold in India’s total foreign exchange reserves has also seen an uptick, rising from 8.15% at the end of March 2024 to approximately 9.32% by the end of September 2024.
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