India’s gold holdings have experienced significant growth, with the Reserve Bank of India (RBI) now holding 854.73 metric tonnes of gold as of September 30. Out of this total, 510.46 metric tonnes are stored domestically, showing an increase of over 102 metric tonnes from 408 metric tonnes recorded at the end of March this year.
The RBI’s latest report, titled Half-Yearly Report on Management of Foreign Exchange Reserves: April-September 2024, reveals that 324.01 metric tonnes of gold remain in secure storage with the Bank of England and the Bank for International Settlements (BIS). An additional 20.26 metric tonnes are held as gold deposits.
The proportion of gold within India's total foreign exchange reserves has also grown in value, rising from 8.15% at the end of March 2024 to 9.32% by the end of September 2024.
In this period, India’s foreign reserves rose notably, increasing from $646.42 billion at the end of March to $705.78 billion by September. On a balance of payments basis, foreign exchange reserves grew by $5.2 billion from April to June 2024, a contrast to the $24.4 billion increase recorded in the same period in 2023.
In nominal terms, including valuation effects, foreign exchange reserves saw a growth of $5.6 billion from April to June 2024, compared with a $16.6 billion increase during the same period last year. Additionally, the RBI’s net forward asset (payable) position was $14.58 billion at the close of September.
From June 2023 to June 2024, external assets rose by $108.4 billion, while external liabilities grew by $97.7 billion. This data contributed to a shift in the net International Investment Position (IIP) as of June 2024, which was negative at $368.3 billion, a slight improvement from the negative IIP of $379.0 billion in June 2023. This indicates a reduction in the net gap between external liabilities and assets.
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