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India cenbank moves 100 tons of gold from UK to domestic vaults, TOI reports
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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.
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)
A central bank is a national institution that manages a country's currency, money supply, and interest rates, and oversees the banking system.
Gold reserves are the amount of gold held by a country's central bank, used as a safeguard against economic instability and currency fluctuations.
Currency volatility refers to the fluctuations in the value of a currency over time, which can be caused by various economic factors.
Financial stability is a condition where the financial system operates effectively, with institutions able to withstand shocks and maintain confidence.
An investment is an asset or item acquired with the goal of generating income or appreciation in value over time.
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