Mumbai, October 29 (IANS). The Reserve Bank of India is taking important steps to safeguard the country’s assets. During the period from March to September this year, the central bank has recalled 64 tonnes of its gold kept abroad.
This step has been taken at a time when countries around the world are using financial bans and asset freezes as weapons of geopolitical pressure.
According to the data at the end of September this year, RBI has 880.8 tonnes of gold. Out of this, a major part of 575.8 tonnes has been kept safe in India.
Apart from this, 290.3 tonnes of gold is kept with the Bank of England and the Bank of International Settlements. At the same time, 14 tonnes of gold is part of the gold deposit arrangement.
Statistics show that since March 2023, RBI has brought back 274 tonnes of its gold from abroad to India.
This decision has been taken by RBI regarding the security of foreign reserves in view of increasing geopolitical tensions.
Meanwhile, an increase in the prices of yellow metal has also been recorded on Wednesday’s trading day.
On the Multi Commodity Exchange, gold opened almost flat at Rs 1,19,647 per 10 grams as against the previous closing price of Rs 1,19,646 per 10 grams.
A slight rise was registered in the price of gold during early trade and it was trading at Rs 1,20,047 per 10 grams.
On the other hand, a rise in silver prices was also recorded. Silver opened at Rs 1,44,761 per kg and rose to Rs 1,45,331 per kg in early trade.
In the global market, spot gold on Tuesday registered a gain of 0.2 percent after touching its lowest level since October 7 and reached $ 3,957.42 an ounce.
The rise remained limited due to reduced concerns over US-China trade. On the other hand, investors are waiting for the US Fed to cut interest rates.
Talking about the rise in gold prices, gold prices have increased by 52 percent so far this year. With this, on October 20, gold prices reached an all-time high of $ 4,381.21 per ounce.
This rally is being seen due to global uncertainties, expectations of interest rate cuts and continuous buying by central banks other than RBI.
–IANS
SKT/