RBI adds 27 tn gold to country's reserve in October: WGC
Reserve Bank of India (RBI) which added 27 tonnes of the precious metal to its reserves, the World Gold Council (WGC) said on Thursday. India added 27 tonnes of gold in October, bringing its total gold purchases to 77 tonnes from January to October, according WGC data based on reported monthly data from the International Monetary Fund (IMF).
This buying by RBI represents a five-fold increase as compared to the same period of 2023, said WGC.
According to the data, with this purchase the total gold reserve of India is now at 882 tonnes, of which 510 tonnes are held in India.
WGC further stated that emerging market central banks continued to dominate the market with Turkey and Poland adding 72 tonnes and 69 tonnes from January-October 2024, to their gold reserves, respectively.
These three central banks alone accounted for 60 per cent of total global net purchases reported this year, it added.
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