RBI Adds 8 Tonnes of Gold to Reserves in November: WGC

February 14, 2025 admin 0 Comments Central Banks, economic uncertainties, emerging markets, gold acquisition, gold reserves, India gold buying, Poland, rbi, World Gold Council

The Reserve Bank of India (RBI) has continued its gold acquisition spree, adding 8 tonnes to its reserves in November. This brings the total gold added during the first 11 months of 2024 to 73 tonnes, increasing India’s total reserves to 786 tonnes. In the same period, other nations collectively added 53 tonnes, with Poland leading at 21 tonnes.

The World Gold Council (WGC) highlighted in its latest report that Uzbekistan, Kazakhstan, China, Jordan, Turkey, the Czech Republic, and Ghana were significant contributors. However, Singapore reduced its gold holdings by 5 tonnes.

Commenting on the RBI’s purchases, the WGC stated, “The Reserve Bank maintained its buying momentum in 2024, acquiring another 8 tonnes in November. This positions India as the second-largest gold buyer of the year after Poland.” Central banks, particularly from emerging markets, remained significant buyers of gold in 2024, citing economic uncertainties.