India’s c. bank adds 19 tons to gold reserves in Q2 – report

The Reserve Bank of India (RBI) has continued its aggressive gold purchasing strategy, adding another 19 tons to its reserves in the second quarter of 2024, according to World Gold Council data on Tuesday.

This marks the latest in a series of monthly gold acquisitions, with a total of 37 tons added to the RBI’s holdings year-to-date.

The central bank’s gold buying spree has surpassed its annual purchases in both 2022 and 2023, acquiring 33 tons and 16 tons, respectively. This indicates a significant shift in its investment strategy.

In April, Governor Shaktikanta Das stated: “we are building up gold reserves, the data is released from time to time…”

India’s gold reserves now stand at 841 tons, constituting 10 per cent of the country’s total reserves.

Attribution: World Gold Council report