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The Reserve Bank of India (RBI) has reported an increase in its gold reserves, which now stand at 854.73 metric tonnes as of September 2024, up from 822.10 metric tonnes in March 2024. According to the half-yearly report on the management of foreign exchange reserves released on Tuesday, this increase indicates a strategic shift by the central bank amid rising geopolitical tensions, persistent inflation, and a stable interest rate environment.
Out of the total gold reserves, 510.46 metric tonnes are held domestically, a significant increase from 408.31 metric tonnes reported in March 2024. Additionally, around 324.01 metric tonnes of gold are stored in safe custody with the Bank of England and the Bank for International Settlements, down from 387.26 metric tonnes earlier this year.
Economist Dipanwita Mazumdar from the Bank of Baroda notes that the RBI's growing gold holdings reflect a risk-off sentiment in response to global uncertainties. As gold continues to be viewed as an effective hedge against volatility, the central bank's strategy suggests expectations of fluctuations in the dollar, particularly as the U.S. approaches its election cycle.
In terms of value, the share of gold in India's total foreign exchange reserves has risen from 8.15% at the end of March 2024 to approximately 9.32% by September 2024, further indicating the importance of gold in the RBI's asset allocation strategy.
