look news india
RBI's gold reserves: Gold purchases were increased in March by various central banks around the world amid a cloud of global uncertainties. In which the central banks of India and China have purchased the maximum 60 percent gold.
According to World Gold Council data, central banks around the world bought a total of 16 tonnes of gold in March. Gross purchase of gold stood at 40 tonnes amid increase in demand for gold. However, as part of profit booking, 25 tonnes of gold was released into the market. In which RBI bought 31 percent (5 tons) of gold.
RBI's gold reserves reach record high
RBI's gold holdings in India reached a record high of 822.1 tonnes in early April, compared to net acquisition of 18.5 tonnes at the beginning of the year. RBI's net gold purchases so far in 2024 have increased compared to the net purchases of 2023 (16.2 tonnes). The share of gold in total reserves increased to 8.4 percent in April from 7.7 percent at the end of 2023.
emerging markets to buy gold
Emerging markets have reported massive gold purchases by central banks around the world. Türkiye's Central Bank has added 14 tonnes of gold to its reserves. The People's Bank of China added 5 tonnes of gold, Kazakhstan and Singapore banks added 4 tonnes to their holdings. Whereas Russia has increased its gold reserves by 3 tonnes.
Gold reserves have been increased by various central banks as a hedge against economic uncertainties as well as under-buying in a bullish environment. In the face of market volatility and inflationary pressure, Sonu is considered a safe haven asset.
Global gold demand increased by 3 percent
Global gold demand increased by 3 percent to 1238 tonnes in the first quarter of the current calendar year. According to the World Gold Council's gold demand trend report, which is the highest after 2026.