The Reserve Bank of India has transferred over 100 tonnes of gold from the UK to its vaults within the country.
This marks the first instance since 1991 that the RBI has augmented its domestic gold reserves, according to a Times of India report. The TOI report further added that the relocation is expected to reduce storage expenses, previously paid to the Bank of England.
Currently, more than half of the RBI's gold holdings are situated overseas, primarily with the Bank of England and the Bank of International Settlements, while approximately one-third is stored domestically.
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According to RBI's annual data, the central bank's gold reserves as part of its foreign exchange reserves stood at 822 tonnes as of March 31, 2024, up from 795 tonnes during the same period last year.
According to the latest note by the World Gold Council (WGC), the RBI 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 RBI started buying gold in the calendar year 2018. Before that, it had purchased 200 tonnes in 2009 during the global financial crisis.