RBI's Golden Strategy: Major Shift in Reserve Holdings

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