Reserve Bank of India’s gold purchases up 5-fold at 77 tonnes in January-October: Report

Mumbai: The Reserve Bank of India (RBI) bought 27 tonnes of gold during October taking its total purchases of the precious metal to 77 tonnes from January to October, according to a WGC report based on data compiled by the International Monetary Fund (IMF). 

The RBI’s gold purchases in the first 10 months of 2024 represent a five-fold increase over the quantity of the precious metal bought in the same period of 2023, WGC said.

According to the data, the RBI’s total gold reserves have now gone up to 882 tonnes, of which 510 tonnes are held in India.

According to WGC, central banks of emerging economies continued to dominate the market in gold purchases with Turkey and Poland adding 72 tonnes and 69 tonnes, respectively to their reserves from January-October 2024.

These three central banks alone accounted for 60 per cent of total global net purchases reported this year, the WGC report added. (IANS)

Also Read: Cash Transactions Decline in India as Digital Payments Surge: Reserve Bank of India

Also Watch: