Mumbai, April 19: The Reserve Bank of India (RBI) reported a significant increase in the value of its gold reserves for the week ending April 11, reflecting a global uptrend in gold prices.
According to data released by the central bank on Friday, the value of RBI’s gold holdings rose sharply by ₹11,986 crore during the week, bringing the total to ₹6,88,496 crore. Over the past year, the value of these holdings has nearly tripled, indicating robust gold purchases by the RBI amid global economic and geopolitical volatility.
The surge in gold reserves aligns with a broader global trend, as central banks worldwide are ramping up gold acquisitions. Gold is traditionally viewed as a safe-haven asset, particularly in times of uncertainty, and is increasingly being used by monetary authorities to shield their economies from external shocks.
India’s growing foreign exchange reserves, along with the spike in gold holdings, highlight the RBI’s proactive stance in managing financial stability and responding to global risks.
Gold prices have been on an upward trajectory globally, driven by a weakening U.S. dollar, persistent trade tensions, and investor concerns over slowing global growth. In India, gold futures on the Multi Commodity Exchange (MCX) hit a record high, with June 5 contracts surging to ₹95,935 per 10 grams on Thursday.
“Gold prices raced to an all-time high, driven by a weaker dollar, trade war tensions, and concerns over global economic growth due to U.S. President Donald Trump’s tariff plans, which led to safe-haven inflows,” said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services.
The continued rally in gold is also being fueled by strong demand, including purchases by central banks via exchange-traded funds (ETFs), and sustained geopolitical tensions, which have further elevated gold’s appeal as a secure investment.
(With ANI inputs)
