The Reserve Bank of India
The Reserve Bank of India (RBI) distinguished itself by maintaining its steady accumulation of gold reserves. According to weekly data from the RBI, there was a 6-tonne surge in gold holdings in February alone. This brings the year-to-date acquisition by the RBI to over 13 tonnes, with total gold reserves now standing at 817 tonnes. India’s ongoing commitment to bolstering its gold reserves reflects a strategic move aimed at diversification.
In February, central banks worldwide maintained their consistent buildup of gold reserves, although the pace slowed compared to the previous month. According to the World Gold Council, this trend has primarily been fueled by emerging market banks, with notable contributions from India and China.
According to a report by Krishna Gopal, Senior Analyst at the World Gold Council’s EMEA division, global central banks augmented their gold reserves by a net of 19 tonnes in February.
Although this marks the ninth consecutive month of growth, it signifies a substantial slowdown from January, with a 58 percent decrease in net purchases. Despite the deceleration, the overarching trend of central bank acquisitions remains unchanged. Year-to-date figures for January and February show an increase of 64 tonnes, marking a fourfold rise compared to the same period in 2022, albeit notably 43 percent lower than the corresponding period in 2023.
