RBI bolsters Gold Reserves with 8-tonne addition: WGC
The Reserve Bank of India (RBI) added 8 tonnes of gold to its reserves in November 2024, contributing to the global central bank addition of 53 tonnes during the month, according to the World Gold Council (WGC). The report, titled Central Bank Gold Statistics November 2024, highlighted that central banks, particularly from emerging markets, continued to prioritize gold acquisitions as a means of securing stable assets amid global economic uncertainties.
The RBI’s total gold acquisitions for the year with this latest purchase has reached to 73 tonnes, increasing its overall reserves to 876 tonnes. This firmly positioned the RBI as the second-largest gold buyer in 2024, trailing only behind the National Bank of Poland. The Polish central bank added 21 tonnes of gold in November, bringing its total annual purchases to 90 tonnes and its total holdings to 448 tonnes.
Significant contributions to gold reserves included a 9-tonne increase by the Central Bank of Uzbekistan, marking its first addition since July. The National Bank of Kazakhstan continued its steady accumulation with a 5-tonne increase in November. The People’s Bank of China resumed gold acquisitions after a six-month pause, adding 5 tonnes during the month. Additionally, the Central Bank of Jordan boosted its reserves by 4 tonnes, its first increase since July.
In contrast, the Monetary Authority of Singapore emerged as the largest seller of gold in November, reducing its reserves by 5 tonnes. This brought its total gold holdings to 223 tonnes, marking net sales of 7 tonnes for 2024.
The WGC report also noted that the price dip in gold during November, attributed to post-U.S. election trends, may have encouraged some central banks to increase their holdings. Central banks collectively continued their significant role in driving global demand for gold, with 2024 being a year of steady accumulation.
The RBI’s consistent gold acquisitions throughout the year underscore its strategic approach to diversifying reserves and mitigating risks. With its growing holdings, the RBI has strengthened its position as a key player in the global gold market, reflecting the enduring importance of gold as a hedge against economic uncertainties.
