India increases its gold reserves.

According to Business Standard, the Governor of the Reserve Bank of India (BRI), Shaktikanta Das, stated that India has been increasing its gold reserves.

Indians are choosing to buy gold jewelry. Photo: Business Today

Although no specific details were given regarding the amount of gold purchased, the RBI Governor provided official data showing that India's gold reserves are increasing. According to official data, the value of gold in the country's foreign exchange reserves stood at $51.487 billion on March 22nd, an increase of $6.287 billion compared to the value at the end of March 2023.

Indian media recently reported that the RBI purchased 8.7 tonnes of gold in January 2023 alone, the highest level in two years. According to the World Gold Council (WGC), the RBI's gold holdings reached 812.3 tonnes at the end of January, up from 803.58 tonnes in December 2023. Gold prices have also seen a recovery in recent months.

Governor Das affirmed that the RBI has proactively focused on strengthening foreign exchange reserves over the past 4-5 years to act as a buffer against any future risks as the US dollar flows out of India. Maintaining the stability of the rupee is the RBI's top priority.

Gold prices in India rose 11% in the 2023-2024 fiscal year, nearly double the country's retail inflation rate of 5.7%. Compared to international markets, Indian gold prices also outperformed the 10% increase in international gold prices on the Comex exchange.

According to the India research department at the World Gold Council, the reason for the high gold prices in India stems from the slower growth of the US economy, which has led to a decline in the US dollar and US Treasury bond yields, along with geopolitical tensions over the past year.

SOUTHERN

Source: https://www.sggp.org.vn/an-do-tang-du-tru-vang-post734069.html