According to Business Standard, Governor of the Reserve Bank of India (BRI) Shaktikanta Das said India has been increasing its gold reserves.
Although he did not give any specific information about the amount of gold purchased, the RBI Governor released official data showing that the value of India's gold reserves is increasing. According to official data, the value of gold in the country's foreign exchange reserves was at 51,487 billion USD on March 22, an increase of 3 billion USD compared to the value at the end of March 6,287.
Indian media recently reported that the RBI bought 8,7 tons of gold in January 1 alone, the highest level in the past 2023 years. According to the World Gold Council (WGC), the amount of gold held by the RBI reached 2 tons at the end of January, from 812,3 tons in December 1. Gold prices have also seen a recovery over the past few 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 of USD flowing out of India. The goal of maintaining a stable rupee is a top priority for the RBI.
Gold prices in the 2023-2024 financial year in India have increased by 11%, nearly double the retail inflation index of 5,7% in the country. Compared to the international market, Indian gold prices have also grown significantly compared to the 10% growth of international gold prices on Comex.
According to the Indian research department at the World Gold Council, the reason gold prices in India have increased is due to the slow growth of the US economy, leading to a decrease in the US dollar and US Treasury bond interest rates, along with other factors. geopolitical tensions over the past year.
THE SOUTH
