Business Standard

Thursday, December 26, 2024 | 07:32 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

RBI buys gold for forex reserves after 5 months, now holds 625 tonnes

The RBI buys gold to hedge the government's sovereign gold bond issue, launched in November 2015

gold
Premium

Rajesh Bhayani Mumbai
The Reserve Bank of India (RBI) bought 7.5 tonnes of gold in October 2019 for adding to its foreign exchange reserves, which swelled to $461 billion, including $28 billion gold. 
However, addition in the form of gold took place after five months (the last was in April), the World Gold Council (WGC) said. 

The RBI now holds 625.2 tonnes of gold or 6.6 per cent of its forex reserves.

The council released a report on total gold holdings by global central banks recently.  It was based on data provided by them on gold buying to the International Monitory Fund (IMF).

The RBI is still

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in