Why is India holding so much gold now?

The Reserve Bank of India (RBI) held 794.64 tonnes of gold as of March 31, 2023, according to the World Gold Council's (WGC) Gold Demand Trends report. This makes India the tenth-largest holder of gold reserves in the world.

Gold reserves

The RBI has been increasing its gold reserves in recent years.

In FY 2022-23, the RBI purchased 34.22 tonnes of gold, up from 29.77 tonnes in FY 2021-22. This is the highest annual purchase of gold by the RBI since FY 2009-10.

The RBI's gold reserves are held in two forms: physical gold and gold deposits. The physical gold is stored in domestic and overseas vaults, while the gold deposits are held with central banks and other international financial institutions.

The RBI's gold reserves play an important role in the country's foreign exchange reserves. Gold is a safe-haven asset and can be used to raise foreign currency in times of need. The RBI's gold reserves also help to diversify the country's foreign exchange reserves and reduce its reliance on a single currency.

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