New Delhi: In the midst of the prevailing global crisis, India's total gold reserves, as held by the Reserve Bank of India (RBI), have been reported to stand at 854.73 metric tonnes, as per the most recent update from the central bank.
The report, disseminated on Tuesday, further elucidated that a significant portion of the RBI's total gold reserves, amounting to 510.46 metric tonnes, are presently stored within the borders of India.
The remainder of the gold reserves are maintained on an international scale, with 324.01 metric tonnes safeguarded in the custody of the Bank of England and the Bank for International Settlements (BIS).
Moreover, 20.26 metric tonnes of gold are allocated in the form of gold deposits, designated to bolster liquidity and financial security.
The RBI has stated, "As of the end of September 2024, the Reserve Bank's gold holdings stood at 854.73 metric tonnes, with 510.46 metric tonnes of these reserves being domestically held."
Furthermore, the report shed light on the evolution of gold's contribution to India's overall foreign exchange reserves, revealing a notable increase in its value share.
By the end of September 2024, gold constituted 9.32 per cent of the total reserves, a significant rise from 8.15 per cent observed at the conclusion of March 2024.
This upward trend underscores the growing significance of gold as a reserve asset for the RBI amidst global economic volatility, underscoring its role as a stable and secure investment vehicle.
The Reserve Bank of India (RBI) has released its latest update on the country's foreign exchange reserves, including a detailed analysis of gold holdings as of the end of September 2024.
This report is a pivotal element of the RBI's commitment to enhancing transparency in the management of India's reserves, with its publication occurring every six months to provide a comprehensive overview of reserve data at the end of March and September each year.
The RBI's half-yearly reports are instrumental in maintaining high standards of disclosure concerning India's financial stability and reserve management, aiming to ensure clarity for stakeholders and the general public regarding India's economic resilience and approach to reserve management.
