RBI data shows gold reserves up 4.66 tn at 853.64 tn in September
This story was originally published at 19:23 IST on 21 October 2024
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MUMBAI – The Reserve Bank of India's gold reserves rose 4.66 tonnes to 853.64 tonnes as of Sept. 27, data from the central bank's bulletin released Monday showed. So far this calendar year, the RBI has added 50.06 tonnes of the precious metal to its treasury.
The value of gold in foreign exchange reserves rose to $65.8 billion in September from $61.86 billion in August. The share of gold in the central bank's total reserves was 9.3% as of Sept. 27.
"Financial markets were responding to the timing and pace of monetary policy trajectories, with heightened uncertainty pushing up gold prices on safe-haven demand," the RBI bulletin said. Gold prices rallied sequentially in Apr-Jun and Jul-Sep, by 5.5% and 13.9%, respectively, with prices surpassing their record highs every successive month, the release said.
As of September-end, India had the world's ninth-largest official gold holdings, behind Switzerland at 1,040 tonnes.
The monthly average price of gold in Mumbai fell to INR 70,441 per 10 gm in August from INR 71,189 per 10 gm in July, and up from INR 58,738 in the same month a year ago, the bulletin said, citing India Bullion and Jewellers Association data.
The December gold contract on COMEX was $2,753.3 per ounce, up 0.9% from Friday’s close. End
US$1 = INR 84.07
Reported by Sandeep Sinha
Edited by Avishek Dutta
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