Why The RBI Is Secretly Bringing Gold Back To India | Details

India has been gradually moving gold reserves to local vaults said to be located in the financial capital and Nagpur over the past few years. In FY24, it moved 100 metric tonnes more from the UK to domestic locations. The metal's movement is occurring at a time of increased geopolitical tensions globally. The movement is said to be one of the biggest movements of gold undertaken by India since 1991, when it had to pledge a substantial part of the gold holding to tide over a foreign exchange crisis. In value terms, the share of gold in the total Foreign exchange reserves increased from 8.15% as of March 2024 to about 9.32% as of September 2024 due to an increase in tonnage and the surge in prices.

#rbi #gold #middleeast #centralbank #rbi #shaktikantadas #rbigovernor #vault #israel #india #iran

Mint is an Indian financial daily newspaper published by HT Media. The Mint YT Channel brings you cutting edge analysis of the latest business news and financial news. With in-depth market coverage, explainers and expert opinions, we break down and simplify business news for you.

Click here to download the Mint App: https://livemint.onelink.me/MrDS/p0kx...

Subscribe to Mint Premium Now: https://www.read.ht/Scaq

Subscribe to Mint's WhatsApp Channel: https://whatsapp.com/channel/0029Va91...