Central banks around the world are increasing gold reserves

In March, the Reserve Bank of India (RBI) bought about 5 tonnes of gold. Not only in India, central banks all over the world have increased the purchase of gold. According to the World Gold Council, the Central Bank of Turkey purchased the maximum amount of 14 pieces of gold in March. Apart from this, the Central Bank of China has also purchased 5 tonnes of gold. Other big buyers are Kazakhstan and Singapore, which bought 4-4 tonnes of gold each. Apart from this, Russia has also bought 3 tonnes of gold in March.

Due to war and uncertainty in the global economy, central banks’ confidence in gold is increasing. Gold reserves are especially important to withstand market volatility and inflationary pressure. According to the World Gold Council’s Gold Demand Trends report, worldwide gold demand has increased by 3 percent on an annual basis in the first quarter of 2024.

RBI’s gold reserves at the top
RBI’s gold reserves are at an all-time high of above 800 tonnes. This year RBI has purchased a total of 18.5 tonnes of gold. At the beginning of April, the Reserve Bank had about 822.1 tonnes of gold reserves.