RBI’s overseas gold reserves (Gold Parked Overseas) are dropped to 47%. As of March 2024, the share of gold held overseas fell to 47%, the lowest since 2017. This reflects a growing trend of central banks sending back their gold reserves. Moving from overseas vaults back to their own countries.
In the case of the RBI, the share of domestically held gold has increased from 39% in September 2021 to 53% by March 2024. This marks a significant shift from previous years. And demonstrates the RBI’s commitment to increasing its domestic gold holdings.
Overseas gold reserves refer to the portion of a country’s gold reserves that are held in vaults outside of its own borders. These reserves are typically held in secure locations in other countries. Often in major financial centers like New York or London.
RBI is concern about moving Gold Reserves from overseas vaults back to countries. This is due to various factors, including geopolitical concerns. A desire for greater control over reserves, and a growing emphasis on gold as a safe-haven asset.
The Reserve Bank of India (RBI), has been steadily increasing the share of its gold reserves held domestically. As of March 2024, 53% of India’s gold reserves were held within the country, marking a significant shift from previous years.