Gold reserves surge over 200% in Das's regime as RBI governor

Gold Reserves

The share of gold in India's foreign exchange reserves surged 211 percent since Shaktikanta Das assumed the office of the Reserve Bank of India governor in December 2018, according to RBI data.

Gold as part of the total reserves stood at $65.756 billion as on October 4, 2024, as compared to $21.150 billion as on December 7, 2018, the RBI data showed.

India's total forex reserves also rose 78.1 percent under Das's tenure. Total foreign exchange reserves of India stood at $701.176 billion as on October 4, 2024, as against $393.735 billion on December 7, 2018.

India's foreign exchange reserves consist of foreign currency assets, gold reserves, SDR and reserve position in the IMF.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.

Central banks across the globe have been buying gold amid global uncertainty and rising inflation. As per a May 31 Moneycontrol report, in 2023-24, the RBI added 27.47 tonnes of gold to its reserves, pushing up its total stock to 822.10 tonnes from 794.63 tonnes a year back.

The central bank holds 309.03 tonnes of gold as backing for notes issued in India. Additionally, the RBI has gold (including gold deposits) held as assets of the banking department, including gold held abroad of 514.07 tonnes.

The RBI has brought home a little over 100 tonnes of gold from the UK, the Times of India reported on May 31. Gold at such a scale was added to the central bank treasury last in 1991. A similar quantity of the yellow metal may be added to the RBI's stock over the next few months for logistical reasons and diversified storage, the TOI report said.

Das assumed office as the governor of the Reserve Bank of India on December 12, 2018.