India’s overall gold reserves, managed by the Reserve Bank of India, stood at 854.73 metric tonnes as per the apex bank’s latest half-yearly report on the country’s foreign exchange reserves.
The report, released on Tuesday, revealed that a major portion of the gold reserve, amounting to 510.46 metric tonnes, is stored domestically within India while the remaining 324.01 metric tonnes are stored internationally in safe custody with the Bank of England and the Bank for International Settlements.
Another 20.26 metric tonnes of gold are maintained in the form of gold deposits held to ensure liquidity and financial security.
The Reserve Bank of India (RBI) has published its latest half-yearly report on the country’s foreign exchange reserves, providing updates on gold holdings as of the end of September 2024.
The report also highlighted that in terms of value, gold’s share within India’s overall foreign exchange reserves has seen a noticeable rise.
Gold represented 9.32 per cent of the total reserves by the end of September 2024 reflecting a slight increase from the 8.15 per cent recorded by the end of March 2024.
This increase highlights the growing importance of gold as a reserve asset for the RBI amid global economic fluctuations, providing a stable and secure investment.
The central bank half-yearly reports aim to promote transparency in the management of India’s reserves for stakeholders and the general public to offer a clear perspective of India’s economic strength.
They provide detailed information about reserves by the end of March and September each year contributing crucially in the RBI’s commitment to maintain a high level of disclosure about India’s financial stability and reserve management practices.