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NRIPage | Articles | RBI Buys 27 Tonnes of Gold in October 2024, Boosting Reserves to 882 Tonnes | Get Business News. Grow and Thrive in the Modern Market around the world - NRI Page
In October 2024, the Reserve Bank of India (RBI) made a significant move by adding 27 tonnes of gold to its reserves, bringing its total gold purchases for the year to 78 tonnes. This marks the highest level of purchases since 2009, when India acquired 200 tonnes from the International Monetary Fund (IMF). The RBI's total gold reserves now stand at 882 tonnes. In comparison, India had bought only 16 tonnes of gold in 2023.
The RBI's gold purchase comes amid global economic instability, geopolitical tensions, and a strong dollar, which have driven many investors toward gold as a safe-haven asset. The RBI's strategic decision to increase its gold reserves is seen as a response to these uncertain times, with experts pointing to the need to hedge against global market risks.
In addition to its purchases, the RBI has been repatriating gold from overseas. As of September 2024, the RBI had 855 tonnes of gold in total, with 510.5 tonnes stored domestically. Since September 2022, India has moved 214 tonnes of gold from the Bank of England's vaults to secure storage facilities within India, further securing its financial assets amid rising geopolitical tensions.
