RBI's Golden Strategy: Major Shift in Reserve Holdings

India's domestic gold holdings increased to 510.46 metric tonnes from 408 metric tonnes between March-September 2024, with 60% of total gold reserves within the country. The largest repatriation since the 1991 economic crisis.

India's Domestic Gold Holdings

RBI repatriated 102 metric tonnes of gold from Bank of England between March-September 2024
Total domestic gold holdings increased to 510.46 metric tonnes, up from 408 metric tonnes
Currently holds 60% of total gold reserves within India
Strategic move aimed at strengthening economic autonomy and self-reliance
Largest repatriation since the 1991 economic crisis

Overall Reserve Position and Distribution

Total gold reserves stand at 854.73 metric tonnes as of September 2024

Distribution breakdown:

- 510.46 metric tonnes stored domestically
- 324.01 metric tonnes in Bank of England and Bank for International Settlements
- 20.26 metric tonnes held as gold deposits
Gold's share in foreign exchange reserves increased from 8.15% (March 2024) to 9.32% (September 2024)
Total forex reserves grew from $646.42 billion to $705.78 billion in the same period

Global Gold Market Context

Total global gold demand reached $100 billion in Q3 2024
Overall demand increased 5% year-over-year, reaching 1,313 metric tonnes
Gold bar and coin demand decreased by 9%, but year-to-date demand remains strong at 859 tonnes
Jewelry demand fell 12% by volume due to rising prices
India's gold imports increased by 21.78% to $27 billion during April-September
India maintains position as second-largest global gold consumer
Technology sector showed 7% year-over-year increase in gold demand
Despite higher prices, premium product consumption remained robust with 13% value increase in jewelry sector

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