RBI's gold reserves hit a record high of 700 tonnes

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MUMBAI: The Reserve Bank of India (RBI) has been steadily increasing its gold reserves. In the first half of the 2021 calendar year alone, the RBI has added a record 8 tonnes of gold to its gold reserves. With this, the total gold reserves of the Central Bank of India have significantly increased to over 500 tonnes for the first time. It may be noted that the central bank's surplus fund, which was 3.1 tonnes at the beginning of 2017, crossed 202.5 tonnes at the end of June 2021.

According to the World Gold Council, in June 2021, the central banks of all the countries in the world bought a total of 8 tonnes of gold, of which the Reserve Bank of India accounted for 50 per cent.

It may be mentioned that the Central Bank of India bought gold in March 2013, long after November 2008, and it too was only 4.5 tonnes. This time, the RBI has procured 7.5 tonnes of gold in the first six months of the calendar year 2021 from January to June, the highest ever.

With this, the total gold reserves of the Reserve Bank have reached a historic high of 202.5. Notably, forex reserves also include gold reserves.

Thus, fluctuations in the current gold price also change the overall value of the forex reserves.

The Reserve Bank, like other central banks, has been buying gold for the last few years as part of portfolio diversification in the forex reserves. The dollar has the largest share in the country's forex reserves. The Reserve Bank often buys dollars from the open market

For the week ended July 30, the country's forex reserves hit a new high of à««à«­ 20.8 billion. A decade after 2008, the RBI has resumed buying gold since 2012. Since March 2017, 12 tonnes of gold has been added to the forex reserves, RBI sources said.

With 204 tonnes of gold reserves, the RBI ranks tenth among the world's central banks in terms of gold holdings. It ranks fourth in terms of overall forex reserves with 20.6 billion.

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