Gold buying by central banks surged to 60 tonnes in October, mainly led by the Reserve Bank of India (RBI) which added 27 tonnes of the precious metal to its reserves, the World Gold Council (WGC) said on Thursday.
India added 27 tonnes of gold in October, bringing its total gold purchases to 77 tonnes from January to October, according WGC data based on reported monthly data from the International Monetary Fund.
This buying by RBI represents a five-fold increase as compared to the same period of 2023, said WGC.
According to the data, with this purchase the total gold reserve of India is now at 882 tonnes, of which 510 tonnes are held in India.
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