India's Gold Reserves Soar to Record High

Mumbai – The Reserve Bank of India (RBI) announced on Tuesday that it holds 854.73 metric tonnes of gold in its reserves, as of the end of September 2024. This signifies a significant increase in the value of gold within India's total foreign exchange reserves, rising to 9.32 percent from 8.15 percent at the end of March 2024.

The majority of India's gold reserves, 510.46 metric tonnes, are stored domestically. The remaining 324.01 metric tons are held in safekeeping abroad at the Bank of England and the Bank for International Settlements (BIS). An additional 20.26 metric tonnes of gold are held in deposits to support liquidity and financial stability.

The RBI's emphasis on gold as a stable and secure asset is evident in this increase in its reserves, particularly amidst global economic uncertainty.

The report also revealed that India's foreign exchange reserves covered 11.2 months of imports as of June 2024, down slightly from 11.3 months in March. This import cover indicates India's resilience against external economic shocks.

This data on India's gold reserves and foreign exchange reserves is published biannually by the RBI to provide transparency in reserve management and offer insights into the country's economic resilience.