Reserve Bank of India ups gold reserve 40% over past five years | Today’s top gold news and opinion

EconomicTimes/Gayatri Nayak/6-8-2023

“The Reserve Bank of India’s gold reserves have risen by over 40% since it resumed the purchase of the yellow metal over five years ago. This shows gold has emerged as a strong hedge against inflation and also helped reduce dependence on the dollar to an extent. India’s central bank, unlike others, never sells its gold.”

USAGOLD note: At 795 tonnes, India has the ninth-largest gold reserve in the world. The World Gold Council reports that Indian households may hold as much as 24,000 to 25,000 tonnes of the metal.

India Gold Reserves

Source: TradingEconomics.com