Posted By Uma Rajagopal
Posted on May 31, 2024
India cenbank moves 100 tons of gold from UK to domestic vaults, TOI reports
BENGALURU (Reuters) – India’s central bank has moved a little more than 100 metric tons of gold from the UK to its domestic vaults, the Times of India newspaper reported on Friday, citing sources.
A similar quantity of the precious metal might be coming to the country in the coming months, the report said, adding that the move was for logistical reasons and diversified storage.
The Reserve Bank of India held 822.10 tons of gold at March-end, of which 408.31 tons were held domestically.
Central banks globally have been increasing reserves held in gold, often seen as a hedge against currency volatility and geopolitical risks.
The RBI decided to move gold to India as the stock was building up overseas, the TOI reported.
The RBI did not immediately respond to a Reuters request for comment.
(Reporting by Sethuraman NR in Bengaluru; Editing by Rashmi Aich)
