RBI's gold reserves rise further, up nearly 25 tonnes so far this year

The reserves had increased by 100 tonnes in the last two years; currently stand at 785.35 tonnes

The Reserve Bank of India’s gold reserves, which have increased by over 100 tonnes in the last two years, continued their upward trajectory in the current financial year, with the central bank adding 24.93 metric tonnes so far in the year.

As at end-September 2022, the Reserve Bank held 785.35 metric tonnes of gold - including gold deposits of 41.57 metric tonnes, the central bank said on Friday. At the end of March 2022, the central bank’s holding of gold reserves were at 760.42 metric tonnes.

In March 2021, the gold reserves were at 695.31 metric tonnes, accounting for 5.87 per cent of total reserves.

447.30 metric tonnes of gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements (BIS), while 296.48 metric tonnes of gold is held domestically, the RBI said.

“In value terms (USD), the share of gold in the total foreign exchange reserves increased marginally from about 7.01 per cent as at end-March 2022 to about 7.06 per cent as at end-September 2022,” the RBI said.

The RBI’s gold reserves started increasing from the 2017-18 financial year.