This Dhanteras RBI has reported a new shipment of gold. 102 tonnes of gold have been transferred from the Bank of England reserves to secure facilities within India.
At the end of September, the RBI held a total of 855 tonnes of gold, of which 510.5 tonnes are now in India. The move reflects a shift in strategy, influenced by rising geopolitical risks, that have led India’s central bank to reassess the security of its overseas gold reserves.
India has recovered 214 tonnes of gold since September 2022, reflecting the RBI and government’s preference to bring assets closer to home. According to government officials, keeping these reserves domestically adds a layer of security amid uncertain global conditions. This reflects the government’s concerns about confidentiality, executed using dedicated aircraft and advanced security measures and protecting confidential information.
In early May, it was reported that India had already moved 100 tonnes of gold from the United Kingdom, the largest repatriation of gold since the 1990s. During that time, India has taken significant steps to safeguard its gold reserves, especially considering that gold had to be pledged in previous times of crisis. Currently, India’s gold reserves of 324 tonnes are in the custody of the Bank of England and the Bank for International Settlements.
The Bank of England, which has been storing precious metals for global central banks since 1697. However, there is no chance of further shipments of gold leaving England this year, so India might have to wait to get its safe assets back.
While ensuring the safety of its gold, India also plans to recover it as needed in the future. This will significantly improve India’s financial stability and give it greater strength in global markets.
