Gold helps hold up forex reserves
It is up 4 percent over the March-end levels in volume. The outstanding stock of RBI's gold is 853.6 metric tonnes as of end September 2024.
Incremental value of gold in reserves on account of new purchases and valuation of existing stock is about $12.7 billion or almost one third of the $39 billion added to reserves this fiscal.
The Reserve Bank started buying gold from the markets from December 2017.
But has become more active in the last two three years particularly after the war between Ukraine and Russia since early 2023. RBI along with the Chinese central bank is reckoned to be active buyer of gold in the international markets.
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