RBI’s Gold Rush: Stacks Up 18.5 tonnes of gold in Jan-Mar
Global central banks continued to bolster their gold reserves in March, with significant purchases led by emerging market banks, according to data from the World Gold Council (WGC). Central banks collectively added 16 tonnes of gold to their reserves during the month, matching the additions seen in February.
The Reserve Bank of India (RBI) notably contributed to this trend, purchasing 18.5 tonnes of gold in the first quarter of 2024, propelling its reserves to a record high. By the end of March, India’s gold reserves stood at 822.1 tonnes, comprising 9% of its total reserves and ranking it as the 10th-largest holder of official gold globally.
The RBI’s gold acquisitions in the first quarter already exceeded its total purchases of 16.2 tonnes throughout 2023. So far this year, only Tu...