RBI's gold reserves unchanged at 876.18 tn as of Dec 27
This story was originally published at 20:26 IST on 17 January 2025
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MUMBAI – The Reserve Bank of India's gold reserves were unchanged at 876.18 tonnes as of Dec. 27, data from the central bank's bulletin released Friday showed. So far this calendar year, the RBI has added 72.6 tonnes of the precious metal to its treasury.
The value of gold in the foreign exchange reserves fell to $66.3 billion as of Dec 27, from $66.9 billion in November. The share of gold in the central bank's total reserves was 10.3% as of Dec. 27.
Gold prices increased in early December but declined thereafter as rising treasury yields and a strengthening US dollar increased the opportunity cost of gold holdings, the RBI's bulletin said.
The monthly average price of gold in Mumbai fell to INR 76,221 per 10 gm in November from INR 76,713 per 10 gm in October, and up from INR 60,786 in November 2023, the bulletin said, citing data from the India Bullion and Jewellers Association.
At 1900 IST, the February gold contract on COMEX was down 0.4% at $2,739.1 per ounce. End
US$1 = INR 86.61
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Taniva Singha Roy
Edited by Rajeev Pai
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