(MENAFN– IANS) New Delhi, Oct 17 (IANS) India’s foreign exchange reserves have exceeded $700 billion, with gold’s share rising by over 209% since 2018. As of October 4, 2023, India’s gold reserves are valued at $65.76 billion, up from $21.15 billion in December 2018, according to the Reserve Bank of India (RBI).
Under the leadership of Shaktikanta Das, who took office in December 2018, foreign exchange reserves increased by 78%, totaling $701.176 billion, compared to $393.735 billion in December 2018. The RBI’s gold holdings also grew by 27.46 metric tonnes to 822.10 metric tonnes in FY24.
This year, the RBI repatriated over 100 tonnes of gold from the UK. Gold’s share in total reserves rose from about 7.81% at the end of March 2023 to approximately 8.15% at the end of March 2024.
Currently, 408.31 metric tonnes of gold are held domestically, while 387.26 metric tonnes are stored with the Bank of England and the Bank for International Settlements (BIS).
Gold prices remain high, gaining Rs 350 in MCX, while Comex gold is trading above $2,675. Traders are optimistic that the Federal Reserve will continue cutting interest rates, which has kept demand for gold strong. As geopolitical tensions in the Middle East rise, more investors are seeking gold as a safe haven.
Experts believe that the combination of policy from the Federal Reserve and geopolitical risks will likely keep gold prices buoyant, says Jateen Trivedi from LKP Securities.
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