Reserve Bank of India adds 40.4 tonnes of gold to reserves

The Indian Express/George Matthew/5-11-2020

Photo image of antique, historic India gold rupee“The Reserve Bank of India (RBI) bought 40.45 tonnes of gold in financial year 2019-20, taking its total holdings of the yellow metal to 653.01 tonnes. … As much as 360.71 tonnes of gold was held overseas in safe custody with the Bank of England and the Bank for International Settlements, while the remaining gold is held domestically, the RBI said …”

USAGOLD note:  India has been adding to its reserves slowly but surely in recent years.  This stockpile, however, pales in comparison to the 24,000 to 25,000 tonnes of the yellow metal held by India’s households per World Gold Council estimates. To give you an idea just how much gold the people of India own in the overall scheme of things, the total amount of gold held by governments and central banks globally is 33,976 tonnes, also according to World Gold Council statistics.

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