RBI inching towards becoming tenth largest holder of gold worldwide

Indian central bank may soon edge out its counterpart in Netherlands from the top-10 list, as latter's holding has largely remained unchanged

The Reserve Bank of India, which added 6.5 tonnes of gold to its reserves in January, taking its total holding forming part of its foreign exchange reserves to 607 tonnes, is set to become the tenth largest holder of the metal worldwide, displacing the Nerherlands. According to data provided by the World Gold Council on Monday, India’s share of gold held globally has been rising steadily to stand at 6.2 per cent at the end of 2018 and has gone up further in January.

In fact, most central banks were seen raising their gold holdings as the dollar was strengthening,