India’s Cenbank Moves 100 Tons Of Gold From UK To Domestic Vaults

According to the Times of India, India’s central bank, the RBI, has moved 100 tons of gold from the UK to domestic vaults because the stock was increasing abroad.

India's Cenbank Moves 100 Tons Of Gold From UK To Domestic Vaults 1

A little over 100 metric tons of gold have been transferred by India’s central bank from the United Kingdom to its vaults, according to a report published on Friday in the Times of India, which cited sources.

According to the source, a comparable amount of the precious metal may enter the nation in the next months. It also stated that the relocation was made for various storage and logistical reasons.

At the end of March, the Reserve Bank of India had 822.10 tons of gold, of which 408.31 tons were kept domestically.

Global central banks have been holding more gold in their reserves as a hedge against geopolitical risks and currency volatility.

According to the TOI, the RBI decided to transfer gold to India because the stock was increasing abroad.

Recently, GreatGameIndia reported on how Putin’s gold strategy, implemented in early 2022 by tying the value of the ruble to gold, has successfully countered sanctions, aided by Russia’s status as the world’s second-largest producer of gold.

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