India’s central bank likely increased its gold reserves by the most in nearly two years last month, according to a World Gold Council analyst.
Krishan Gopaul stated on social media platform X that the Reserve Bank of India added over nine tons in June, based on calculations using the bank’s weekly data. This marks the largest addition since July 2022, bringing India’s total reserves to 841 tons, up by 37 tons this year.
Central bank purchases have been a significant factor in gold’s rally this year, which pushed prices to a record high in May. The market has closely monitored the size of these purchases, which can be delayed or not fully reported.
According to a recent World Gold Council survey, many central banks still plan to buy gold in the coming year, driven by increased geopolitical and financial risks that make the metal more attractive. About 20 banks plan to raise their holdings, although the survey did not specify which countries expect to buy.
India has been a major gold buyer in recent years, along with countries like China and Turkey.
Additionally, the Reserve Bank of India moved 100 tons of its gold from the UK back to its domestic vaults, the Times of India reported in May.
