WGC report: RBI buys maximum 27 tones of gold, total reserves now 882 tones

New Delhi| RBI bought the highest amount of gold in October, 2024 compared to other central banks worldwide at 27 tones. With this, India’s total gold reserves now increased to 882 tones. Of this, 510 tones of gold is existing in the country itself. According to the World Gold Council (WGC) report released, central banks around the world bought a total of 60 tones of gold in October. In this case, Turkiye’s central bank came second after RBI with 17 tones and Poland came third with 8 tones. The special thing is that the central banks of India, Turkey and Poland have accounted for 60 percent of the total global gold purchases.

According to the report, China’s central bank stood fourth and Azerbaijan fifth in terms of buying gold. Kazakhstan’s central bank bought gold for the first time in October after selling it for five consecutive months. According to WGC data based on the monthly report of the International Monetary Fund (IMF), central banks of emerging countries have continued to dominate gold purchases. RBI purchased a total of 77 tones of gold from January to October this year. This is five times more than the same period last year. During this time, Turkiye has increased its reserves by 72 tons and Poland by 62 tons of gold.

According to the report, central banks of many countries including Singapore sold gold in October. These also include Germany, Mongolia, Jordan, Thailand and Philippines.