New Delhi: India’s gold reserves rose by 5 tonnes in July 2024, taking RBI’s total gold purchases in so far in 2024 to 43 tonnes. India’s gold reserves 846 tonnes overall. In the week ending August 30, 2024, India’s gold reserves were valued at $18.468 billion, according to RBI data.
India’s gold reserves have been rising as the country continues to purchase gold, even as the US dollar has weakened significantly this year. To be sure, RBi is not the only central bank to have purchased gold this year, with overall gold purchases by central banks rising to 37 tonnes in July, up 200 per cent month-on-month.
Gold purchases touched a record high of 45 tonnes in January 2024, CNBCTV18 reported. Global central banks pruchased 483 tonnes of gold in first half of 2024, compared to 1,082 tonnes purchased in 2022 and 1,037 tonnes of the precious metal bought in 2023.
Which banks purchased the most gold in Asia
The central banks of the following countries hiked gold purchases in recent months. China led the pack with a significant rise in gold reserves over the past 18 months:
S. No.
Country
1
India
2
Turkey
3
Kazakhstan
4
Uzbekistan
5
Russia
6
China
India’s gold reserves, kept with the Reserve bank of India, rose by 43 tonnes so far in 2024 to 846 tonnes. Globally, central banks have stepped up gold buying. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
