Fresh Purchases
RBI's gold holdings rise to all-time high of 882 tn in October, says WGC
This story was originally published at 14:57 IST on 18 November 2024
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--WGC: RBI's gold holdings at all-time high of 882 tn in October
--WGC: RBI bought 28 tn of gold Oct, 2nd-highest monthly buy since Nov 2009
--WGC: RBI has bought 78 tn of gold so far in 2024, 2nd highest since 2009
MUMBAI – The Reserve Bank of India's gold reserves rose to an all-time high of 882 tonnes after the central bank bought 28 tonnes of the yellow metal in October, Kavita Chacko, research head, India, World Gold Council, said in a note. This was the second-highest monthly gold purchase since November 2009.
The central bank has bought 78 tonnes of gold so far in 2024, she said. "This makes it the second-highest annual net gold purchase by the RBI, after the 257 tonnes purchased in 2009. In value terms, gold now accounts for 10% of total foreign exchange reserves, the highest share since 1999," Chacko said.
The Reserve Bank of India's October bulletin showed that it bought 4.66 tonnes of gold in September. India has the ninth-largest official gold holdings in the world, behind Switzerland at 1,040 tonnes.
The share of the precious metal in the central bank's total foreign exchange reserves was 10% as of Nov. 8, RBI data showed. Other major central banks that bought gold in 2024 are the National Bank of Poland, the Central Bank of Turkey, and The People's Bank of China.
As of September-end, 60% of the RBI's total gold reserves, or 510.46 tonnes, were held domestically, an increase of 102 tonnes since March. Gold reserves were up 38% from the reserves held in March 2023.
RBI has focused on holding its gold reserves domestically and reduced the amount kept with the Bank of England and the Bank for International Settlements. End
US$1 = INR 84.39
Reported by Sandeep Sinha
Edited by Avishek Dutta
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