RBI Paper
RBI's gold holdings up 4% on year in July but unchanged on month
This story was originally published at 22:36 IST on 28 August 2025
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MUMBAI – The Reserve Bank of India's gold holdings rose 4% on year to 879.98 tonnes in July but were unchanged from the previous month, according to the central bank's monthly bulletin released late Thursday. As of Jul. 25, the RBI's gold reserves were valued at $85.70 billion, accounting for 12% of the country's total foreign exchange reserves of $698.2 billion.
"Gold prices remained broadly stable in July but inched higher in early August in the wake of bullion tariff uncertainty and rising expectation of policy rate cut by the US Fed. It moderated thereafter, aided by clarity on exemption of gold bullion from import tariffs," according to the bulletin.
Although headline core inflation, which excludes food and fuel, remained within a narrow range of 4.1-4.2% during Feb-May, it increased to 4.4% in June, driven partly by a continued rise in gold prices, according to the bulletin.
The monthly average price of gold in Mumbai rose to INR 97,176 per 10 grams in June from INR 94,590 per 10 grams in May and up from INR 72,014 per 10 grams in June 2024, the bulletin said, citing India Bullion and Jewellers Association data.
At 2211 IST, the December gold contract on COMEX was at $3,475 per ounce, up 0.8% from the previous close. The October contract on the Multi Commodity Exchange of India was up 0.5% from the previous close at INR 102,050 per 10 grams. End
US$1 = INR 87.62
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by J. Navya Sruthi
Edited by Rajeev Pai
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