India’s central bank may have made its biggest increase to its gold reserves in nearly two years last month, according to analysts at the World Gold Council.
The Reserve Bank of India added more than 9 tonnes in June, based on calculations based on weekly data from the bank, Krishan Gopaul said. post on social media platform X. This is the highest since July 2022 and means India’s stockpiles have risen by 37 tonnes this year to 841 tonnes, he said.
Central bank gold purchases have been the main driver of the bullion price rally this year, sending it to a record high in May, but they have been a big focus and question mark for the market as purchases may be delayed or not reported in full.
A recent WGC survey found that many central banks plan to continue buying gold next year as rising geopolitical and financial risks make gold holdings more attractive. The survey did not say which countries were planning to buy gold, but said about 20 central banks plan to increase their holdings.
India has been a major buyer of gold in recent years, along with other countries such as: China And Türkiye.
The Reserve Bank of India also returned 100 tonnes of gold from the UK to its domestic vaults, The Times of India reported. report In May.
