RBI Brings 102 Tons of Gold from England to India

The RBI recently moved 102 tonnes of gold from the Bank of England’s vaults to secure locations in India, highlighting the importance of keeping valuable assets closer to home.

Since September 2022, India has brought back 214 tonnes of gold, showing the RBI’s preference for keeping more of its wealth within the country.

The RBI now keeps 510.5 tonnes of its total 855 tonnes of gold reserves in India. This decision is driven by growing global tensions and the government’s aim to better protect its assets by storing them within the country.

The choice to bring some of India’s gold reserves back home is influenced because of increasing international tensions and economic challenges. Government sources say that keeping these reserves in the country adds an extra layer of security.

Transporting this gold involved strict secrecy and high security, using special aircraft and secure procedures. This approach shows the government’s dedication to protect sensitive information and assets.

This isn’t the first time India has moved large amounts of gold back home. In May, India brought 100 tonnes of gold from the Bank of England to domestic vaults, making it one of the biggest gold transfers since the 1990s. Back then, the government had to pledge gold as collateral during a financial crisis. This time, however, the move is a proactive strategy to secure the country’s wealth, not a reaction to an economic emergency.

India currently has 324 tonnes of gold reserves held by the Bank of England and the Bank for International Settlements. While the Bank of England has been a trusted custodian for centuries, sources say India is unlikely to move more gold from the UK this year. Gold now represents 9.3% of India’s total foreign reserves, up from 8.1% in March, driven by rising prices, which are around Rs 78,745 per 10 grams in Mumbai. Analysts predict prices may reach Rs 85,000 per 10 grams in the next year due to growing interest in gold amid economic uncertainty, particularly in the Middle East.

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