look news india
New Delhi: The Reserve Bank of India has once again made a big purchase of gold in the beginning of the new year. RBI purchases reached 20-month high in the first month of the new year. However, RBI had refrained from buying gold in the last two months of last year.
Buying by central banks has played a major role in increasing gold prices. Gold prices are currently witnessing a record rise. Where gold in the domestic market has crossed the level of Rs 67,000. While international prices are at a record level of $2,200.
According to the latest report of the World Gold Council, during January 2024, central banks around the world made a net purchase of 39 tonnes of gold. This is the eighth consecutive month when investment in gold by central banks has increased. Which is more than double compared to December. Central banks around the world bought 17 tonnes of gold during December 2023.
According to the report, the biggest purchase was made by the Central Bank of Turkey in January 2024. The Central Bank of Turkey increased its gold reserves by 12 tonnes during this period. By the end of January 2024, Turkey's gold reserves had increased to 552 tonnes. China's central bank People's Bank of China came in second place with the purchase of 10 tonnes of gold.
India's central bank, RBI, ranked third with purchases of about 9 tonnes of gold in January 2024. India's gold reserves have now increased to 812 tonnes. Iran's gold reserves have increased in a month for the first time since October 2023. Also, this is the biggest increase in RBI's gold reserves since July 2022.