New Delhi: The Reserve Bank of India (RBI) has initiated the transfer of more than 100 tonnes of gold from the United Kingdom to its domestic vaults. This marks the first major relocation of such a substantial amount of gold to India since early 1991, according to a report by the Times of India.
The decision comes as part of the RBI's strategy to bolster its gold reserves within the country. The central bank intends to bring in a similar quantity of gold to India in the coming months, sources cited in the report disclosed.
As of the end of March 2024, the RBI held 822.10 tonnes of gold, with 408.31 tonnes already stored domestically. The transfer from the UK to India is attributed to logistical considerations and the aim of diversifying storage locations, as highlighted in the report.
Central banks globally have been increasing reserves held in gold, often seen as a hedge against currency volatility and geopolitical risks. Notably, the move comes amid conflicts between Russia and Ukraine in Europe and between Israel and Hamas in the Middle East.
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