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The World Gold Council has said the Reserve Bank of India (RBI) has, since the start of 2017, been the fourth largest buyer of gold for adding to foreign exchange reserves. Russia, Turkey and Kazakhstan are the top three.
Top 10 gold buyers since 2017
Globally, more and more central banks are buying gold for their forex reserves. In recent years, more central banks have entered the gold market. International Monetary Fund (IMF) data reveal Egypt recently bought gold for the first time since 1978. India, Indonesia, Thailand and Philippines re-entered the market after a multi-year absence.
