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Informist, Tuesday, Oct. 29, 2024

 

--RBI: Gold holdings at 854.73 tn on Sept 30, up 32.63 tn from end of FY24

--RBI: Held 510.5 tn gold domestically on Sept 30, up 102.2 tn from FY24 end

--RBI: Share of gold in FX reserves at 9.32% on Sept 30 vs 8.15% end of FY24

 

NEW DELHI – The Reserve Bank of India has continued to add to its domestic gold holdings in 2024-25 (Apr-Mar), with the first half of the financial year seeing them rise by more than 100 tonnes, according to data released by the central bank Tuesday.

 

As of Sept. 30, the RBI's gold holdings stood at 854.73 tonnes, up 32.63 tn from the level at the end of FY24. Of this, 510.46 tn of gold was held domestically, up 102.15 tonnes from the end of March.

 

"While 324.01 metric tonnes of gold were kept in safe custody with the Bank of England and the Bank for International Settlements, 20.26 metric tonnes were held in the form of gold deposits," the RBI said in its half-yearly report on management of foreign exchange reserves. "In value terms (US dollar), the share of gold in the total foreign exchange reserves increased from 8.15% as at end-March 2024 to about 9.32% as at end-September 2024."

 

The central bank has only recently started to increase the amount of gold it holds in India. For nearly 20 years, the RBI held 292 tonnes of gold domestically, with the amount kept with the Bank of England and the Bank for International Settlements rising over the years from 65 tonnes in September 2003 to 451.54 tonnes as at the end of September 2021. Since then, the RBI has steadily increased the amount of its gold kept in the country, with 3.52 tonnes added in FY22, 5.28 tonnes in FY23, and 107.21 tonnes in FY24, the central bank's documents show. So far in the first half of FY25, 102.15 tonnes have already been added to the domestic holdings.

 

As per the latest weekly data from the central bank, its gold holdings stood at $67.44 billion as of Oct. 18, accounting for 9.8% of the foreign exchange reserves of $688.27 billion.  End

 

US$1 = INR 84.07

 

Reported by Siddharth Upasani

Edited by Rajeev Pai

 

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