The Reserve Bank of India (RBI), like most other global central banks, is on a gold buying spree. The RBI, according to a latest note by the World Gold Council (WGC), bought 19 tonnes of gold in the first quarter of the current calendar year 2024 (Q1-CY24 / Q4-FY24). This dwarfs the 16 tonnes of gold it bought in the whole of 2023, the WGC note said.
With central banks accelerating their gold purchases to above 1,000 tonnes per year in 2022 and 2023, WGC believes the market is finally beginning to appreciate the importance of their contribution to gold