RBI stood ahead in Gold Reserves Amid Global Central Bank Slowdown

New Delhi: The Reserve Bank of India (RBI) has been increasing its gold reserves consistently. The weekly data released by the RBI showed that they have added 6 tonnes of gold to their reserves in February alone. This brings their total gold reserves to 817 tonnes, with a year-to-date buying of over 13 tonnes.

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Central banks worldwide have also been steadily accumulating gold reserves, although the pace has slowed down compared to the previous month. According to a report published by the World Gold Council, global central banks increased their gold reserves by a net of 19 tonnes in February, marking the ninth consecutive month of growth. However, there has been a 58% decrease in net purchases compared to January.

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Despite the slowdown in February, central banks are still committed to increasing their gold reserves as a strategic hedge against global economic uncertainties. The year-to-date data for January and February show an addition of 64 tonnes, which is a fourfold increase compared to the same period in 2022, although it's 43% lower than the corresponding period in 2023.

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