RBI added 27 tons of gold to reserves in October, WGC says

The Reserve Bank of India (RBI) added 27 tons of gold to its reserves in October, accounting for 45% of total gold net purchases by central banks during the month, the World Gold Council (WGC) said on Thursday, 5 December.

Central banks around the world added 60 tons of gold to their reserves during the month.

In the first 10 months of the year, RBI added 77 tons of gold to its reserves, a fivefold increase from the year-ago period, the WGC report based on IMF data said.

Emerging market central banks continued to dominate with Turkey and Poland adding 72 tons and 69 tons this year to their gold reserves, respectively.

These three central banks alone account for 60% of total global net purchases reported this year, WGC said.

Including the latest purchases in October, India’s total gold reserves are now at 882 tons, of which 510 tons are held in India, WGC data showed.

A recent surge in gold curbed some purchases and led to strategic sales, but a resurgence in October indicates ongoing central bank interest in gold as a risk management and reserve diversification tool, WGC said.

In October, the National Bank of Poland continued its trend with an 8-ton purchase, its seventh consecutive month of buying, bringing its total for the year to 69 tons, 17% of its reserves.

The National Bank of Kazakhstan added 5 tons, despite selling 4 tons earlier in the year.

Globally, central banks acquired 694 tons of gold by the third quarter of 2024, maintaining levels from 2022.

The WGC is an international trade association for the gold industry based in London with offices worldwide.