The RBI's gold holding has climbed to 812.3 tonne in January, from 803.58 tonne in December 2023, according to the World Gold Council data. The central bank is adding gold to diversify its forex reserves and hedge against foreign currency risks, say experts.
"The RBI is strategically increasing gold reserves as part of its forex diversification efforts," Madan Sabnavis, chief economist, Bank of Baroda, told FE."With the recent surge in dollar volatility and the upward trajectory of gold prices, this move not only enhances the stability of India's foreign exchange reserves, but also makes it a prudent financial decision."
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