The recent purchases have swelled RBI’s total gold reserve to just under 800 tonnes, marking a new record for the central bank. Prior to this, RBI acquired about 27 tonnes between April and December 2022.
“RBI has bought close to 40 tonnes of gold in FY23 with an uptrend in the gold price and weakness in other assets, including dollars,” a bullion expert said on the condition of anonymity.
The official data on India’s gold reserves for the March quarter is yet to be made public by miner’s body World Gold Council (WGC)
A query sent to the spokesperson for RBI on its gold-buying programme remained unanswered.
RBI has consistently increased its gold holdings for the past five fiscal years through February 2023, according to research by the World Gold Council (WGC) and Mint. In total, the bank procured about 230 tonnes of gold during this period to bolster its reserves amid rising global economic uncertainty and geopolitical tensions, which threaten to diminish the value of the world’s reserve currency, the dollar.
Experts and economists expect the trend to continue.
“Purchases from emerging markets central banks remain high, which should act as a floor for the gold price,” said a 24 April report by Swiss private lender Bank J. Safra Sarasin Ltd.
RBI, in the March quarter, has emerged as one of the top five gold buyers in the world, including Singapore, Russia, China and Turkey, as shown by the Swiss bank.
Gold price gained 9% in the January-March 2023 period. “A surge in March to record the highest monthly inflows since 2019 reversed two weak months for global gold ETFs and futures investment,” according to a WGC April report.
Denne historien er fra May 03, 2023-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Denne historien er fra May 03, 2023-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
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