look news india
Gold reserves data of countries: Amid the geopolitical crisis around the world, central banks of various countries are increasing gold purchases. Gold and silver prices witnessed a spectacular rise in the first six months of the current calendar year. The reason behind this was the increase in gold purchases by various central banks and institutional investors. RBI has been the leader in accumulating the highest gold reserves.
World central banks increased purchases by 5 percent
Central banks of various countries have bought a total of 483 tonnes of gold in the first six months of this year. Which is 5 percent more than the 460 tonnes bought in the same period last year. Forbes recently released a list of gold reserves held by various countries in the first two quarters of 2024. In which India is ranked eighth with 9.57 percent share (840.76 tonnes) in the world. America is in first place with 72.41 percent share.
Reasons behind the increase in gold reserves
The first six months of the current calendar year saw an increase in geopolitical crises across the world. On the other hand, the dollar weakened on expectations of interest rate cuts by the Fed. Whenever there is an economic crisis, various countries buy more gold to avoid losses. So they can reduce their losses through hedging during a crisis.
RBI bought the most gold
In the second quarter of this year (April-June), central banks around the world bought 183 tonnes of gold. Which is 6 percent more than last year. However, the purchase declined by 39 percent compared to 300 tonnes in the first quarter. RBI bought 19 tonnes of gold in the second quarter. Both central banks are on top and the National Bank of Poland has also bought 19 tonnes of gold. Turkey's Central Bank stood third with the purchase of 15 tonnes of gold. Central banks of Jordan, Qatar, Russia, Uzbekistan, Kyrgyzstan, Iraq and Czech Republic have also increased gold purchases.