Gold Rush
RBI data shows gold reserves up 2.83 tn at 879.01 tn in January
This story was originally published at 19:39 IST on 19 February 2025
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MUMBAI – The Reserve Bank of India's gold reserves rose 2.83 tonnes to 879.01 tonnes as of Jan. 31, data from the central bank's bulletin released on Wednesday showed. RBI has bought 72.6 tonnes of the precious metal to its treasury in 2024, the highest in three years.
The value of gold in foreign exchange reserves rose to $70.9 billion in January from $66.27 billion in December. The share of gold in the central bank's total reserves was 11.2% as of Jan. 31.
Gold prices, recorded sharp increases in January, supported by safe-haven demand amid increased geo-economic and trade uncertainties, the RBI bulletin said.
The monthly average price of gold in Mumbai fell marginally to INR 76,195 per 10 grams in December from INR 76,221 per 10 grams in November, but rose from INR 62,173 in the same month a year ago, the bulletin said, citing India Bullion and Jewellers Association data.
At 1921 IST, the April gold contract on COMEX was $2,954.10 per ounce, up 0.2% from Tuesday's close. End
US$1 = INR 86.95
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Deepshikha Bhardwaj
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