RBI recorded 6 years lowest gold purchase in 2023, amid strong US dollars
The gold purchase via central bank authority in 2023 has fallen to a 6-year lowest since the authority incepted the yellow metal in 2017.
The Reserve Bank of India reduced its gold purchase in 2023, spotting a muted trend since it began accumulating gold in 2017 amid a strong US dollar. As per the report, the central bank’s stock of gold holding in 2023 increased 0.52 million troy ounces [ozt] to 25.84 million oz by the end of December from 25.32 million oz in the previous year. One troy ounce is approximately 31.10 grams.
In the half-year report on forex reserves released in November, the central bank stated that at the September end of FY24, the total accumulated gold was around 800.79 metric tonnes including gold deposits of 39.89 metric tonnes.
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While 388.06 metric tonnes of gold were held overseas in safe custody with the Bank of England and the Bank of International Settlements [BIS], 372.84 metric tonnes of gold were held domestically. As per the World Gold Council, India and China accounted for one-third of the 1,037 metric tonnes of gold purchased collectively by all central banks in the world in 2023.
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In terms of quantitative value, the share of gold in the total forex reserves decreased from 7.81% at the March-end of 2023 to about 7.37% at the September-end. As of December end of 2023, the share of gold in reserves rose to 7.70%.
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