Current Affairs-Topics

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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