RBI bought record gold in the first half of this year, India included in top-10 list in terms of gold reserves

Photo:PTI – RBI buys record gold in H1CY21, gold reserves cross 700 tones

New Delhi. In the first half (January to June) of the calendar year 2021, the Reserve Bank of India has made a record gold purchase. The country’s gold reserves as a part of foreign exchange reserves have crossed 700 tones for the first time. India’s foreign exchange reserves are also currently at an all-time high of $ 620 billion. According to the World Gold Council report, the RBI has purchased a total of 28.99 tones of gold in the first half of the calendar year 2021 as part of its forex reserves. With this fresh purchase, the total gold reserves of RBI has gone up to 705.6 tones as on June 30, 2021.

World gold council According to the latest report, central banks around the world have bought 333 tones of gold in the first half of the year 2021, which is 39 percent more than the average of the first half of the last five years. Thailand, Hungary and Brazil were the biggest buyers of gold during the first half, with a combined purchase of 207 tones.

 

 

In 2018, the gold reserves with RBI stood at 558.1 tones. The country’s gold reserves have increased by 27% in the last two years. The report said that even though there has been an increase in gold reserves, the share of gold in the central bank’s forex reserves declined to 6.5 per cent in the June 2021 quarter, from 7 per cent at the end of March.

The share of RBI among all global central banks in terms of gold purchases during June 2021 was around 30 per cent. With 705.6 tones of gold reserves, RBI is now at the tenth position in the list of top 10 central banks with the highest gold reserves.

The World Gold Council said in its report that central banks around the world have made net purchases of gold with a continued focus on diversification and risk management. Thailand has bought the most gold in the first half of 2021. Thailand bought 90.2 tones of gold and its total gold reserves have now increased to 244.2 tones. Turkey bought 13.5 tones of gold and its gold reserves increased to 408.2 tones. Brazil also bought gold significantly during the first half. Brazil bought 53.7 tones of gold and its gold reserves increased to 121.1 tones. Poland also bought 3.1 tones of gold and its gold reserve increased to 231.8 tones.

Which country bought how much gold in the first half of 2021

Country bought gold
Thailand 90.19 Tons
Hungary 62.09 Tons

Brazil

53.74 Tons
India 28.99 Tons
Uzbekistan 25.50 Tons
turkey 13.5 Ton
Cambodia 4.97 Tons
Poland 3.1 ton
Mongolia 1.75 ton

Which country sold how much gold in the first half of 2021

Country gold sold
Kazakhstan 1.91 ton
UAE 2.00 Ton
Germany 3.32 Tons
Russia 6.22 Tons
Philippines 27.16 Tons

Source: IMF, Central Bank, World Gold Council



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