RBI has a total of 625.20 tonnes of gold deposited

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The RBI had a total of 5.5 tonnes of gold deposited in 8 tonnes of gold

Mumbai, Ta. 18 January 2020, Saturday

In October 1, the Reserve Bank bought 6.5 tonnes of gold. The purchase was made to add to the Foreign Exchange Reserve, sources at the Reserve Bank said. With this purchase, the gold reserve has risen to over $ 2 billion.

Gold was purchased in October, five months after April 5th. The Reserve Bank now has a total of 5.5 tonnes of gold deposited. In value, it is estimated to be about 5.5% of the total forex reserve.

The data was recently released by the World Gold Council, the gold reserve held by central banks of different countries. The Reserve Bank of India is still far behind in buying gold compared to other central banks in the world. However, in the 5th, the Reserve Bank bought 8.5 tonnes of gold.

It was the world's sixth largest central bank to buy gold in the past year. China, Russia, Turkey, Kazakhstan and Poland bought more gold than India. From January to November 1, various central banks purchased a total of 5 tonnes of gold together.

The Reserve Bank is buying gold to hedge against the government's November 1 sovereign gold bond filing, say informants.


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