Gold Reserves in India

November 20, 2023

GS Paper III Indian Economy

Context:

Recently, the Reserve Bank of India (RBI) acquired nine tonnes of gold in the September quarter and the Global central banks collectively purchased 337 tonnes during the same period.

Gold Reserves In India and India’s Gold Reserves Ranking

Gold reserves in India reached 806.7 tonnes as of September end.
The country holds the 10th position in global rankings, according to the World Gold Council (WGC).

Accumulation Trend:

RBI’s gold purchases in 2023 totalled 19.3 tonnes.
The central bank has consistently added to its gold reserves since 2017, accumulating 248.9 tonnes by the current year.

As of September 29, India’s total forex reserves stood at $586.9 billion.
Gold’s value in these reserves was $43.7 billion, representing 7.44% of the total reserves.

About World Gold Council (WGC):

The World Gold Council (WGC) is an international organization formed in 1987 by some of the world’s most forward-thinking mining companies.
Member: The World Gold Council’s 33 Members are some of the world’s most forward-thinking gold mining companies.
Headquarter: London (UK)

News Source: Livemint

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