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India's gold reserve up more than 40% in five years
By Gayatri Nayak
The Times of India, Mumbai
Thursday, June 8, 2023
The Reserve Bank of India's gold reserves have risen by more than 40% since it resumed the purchase of the yellow metal over five years ago. This shows gold has emerged as a strong hedge against inflation and has helped reduce dependence on the dollar to an extent.
India's central bank, unlike others, never sells its gold.
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India's official gold reserves is up from 17.9 million troy ounces in December 2017 to 25.55 million troy ounces in April this year, according to the latest RBI data. This roughly translates to 795 metric tonnes of gold.
India's official gold reserves is up from 17.9 million troy ounce in December 2017 to 25.55 million troy ounce in April this year according to the latest RBI data. This roughly translates to 795 metric tonnes of gold.
Central banks alone have bought 228 tonnes from January through April, according to the latest World Gold Council report. "Sustained and significant purchases from the official sector underscore gold's role in international reserve portfolios during times of market volatility and heightened risk," the gold council said. ...
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