Precious Metal
RBI's gold reserves rise 13.21 tn to 866.85 tn in October
This story was originally published at 10:11 IST on 21 November 2024
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MUMBAI – The Reserve Bank of India's gold reserves rose 13.21 tonnes to 866.85 tonnes as of Oct. 25, data from the central bank's bulletin released on Wednesday showed. So far this calendar year, the RBI has added 63.27 tonnes of the precious metal to its treasury.
The value of gold in foreign exchange reserves rose to $68.5 billion in October from $65.8 billion in September. The share of gold in the central bank's total reserves was 10% as of Oct. 25.
"Gold, a major component of net foreign assets (NFA) grew by 50.8%, mainly due to revaluation gains on gold prices, leading to a steady rise in its share in NFA from 8.1% as at end-October 2023 to 10.3% as on November 8, 2024," the RBI bulletin said. Gold prices rose by 4.6% on month in October, surpassing the $2,700 an ounce mark for the first time on account of safe-haven demand due to uncertainties surrounding the US elections and conflicts in the West Asia, the release said.
As at October-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 rose to INR 72,878 per 10 gm in September from INR 70,441 per 10 gm in August, and up from INR 58,743 in the same month a year ago, the bulletin said, citing India Bullion and Jewellers Association data.
The December gold contract on COMEX was $2,659.3 per ounce, up 0.3% from Wednesday's close. End
US$1 = INR 84.41
Reported by Sandeep Sinha
Edited by Ashish Shirke
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