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India's central bank buys 1.5 times more gold in January-April than in all of 2023
By Gayatri Nayak
The Times of India, Mumbai
Thursday, May 23, 2024
The Reserve Bank of India added 24 tonnes of gold to its stock of reserves in four months from January to April this year as a hedge against volatility amid geopolitical tensions. This is reckoned to be a part of strategic diversification of reserves in challenging times.
This is almost 1 1/2 times the volume it did during the whole of 2023 when it added 16 tonnes to its reserves, an analysis of the Reserve Bank data indicates.
The Reserve Bank held 827.69 tonnes worth of gold as a part of its foreign exchange reserves as of April 26,2024, up from 803.6 tonnes as of end December according to the latest Reserve Bank of India data.
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Though India has been one of the largest consumers of gold as far as the Indian household is concerned, the country's central bank was rarely active in piling up its gold reserves.
The bank came in for heavy criticism when it had pledged a part of its gold reserves in 1991 when it faced a foreign-exchange crisis. Though all the gold is back in the central bank's coffers, it started adding to its stocks from market purchases only from December 2017.
Though it was seen actively buying from the markets in 2022, it was laying low in 2023 only to come back aggressively since January this year. ...
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