RBI Leads Global Gold Purchases with Record Reserves Surge

India’s gold reserves surged to 882 tonnes in October 2024, with the Reserve Bank of India (RBI) adding 27 tonnes to its reserves, as per World Gold Council (WGC) data. This marks a five-fold increase in gold purchases compared to the same period in 2023, totaling 77 tonnes from January to October 2024. Central banks worldwide bought 60 tonnes in October, with RBI leading the surge, contributing significantly to global gold demand.

India’s Gold Holdings Expand

• Total gold reserves: 882 tonnes, with 510 tonnes held domestically.
• RBI purchased 77 tonnes in 2024, reflecting a five-fold rise over the same period last year.
• October’s acquisition of 27 tonnes represents 45% of global central bank gold purchases for the month.

Global Trends in Central Bank Gold Purchases

Turkey: Added 17 tonnes in October, marking the 17th consecutive month of net buying and maintaining the year’s highest record. Total January-October additions stand at 72 tonnes.

Poland: Accumulated 8 tonnes in October, reaching 69 tonnes for 2024 and targeting 20% gold allocation in its reserves.

Kazakhstan: Reversed a five-month selling streak by adding 5 tonnes in October, but remains a net seller for the year.

Czech Republic: Achieved its 20th consecutive month of gold accumulation with a total of 37 tonnes, including 2 tonnes added in October.

Ghana: Increased reserves to 28 tonnes, starting from 9 tonnes in May 2023.

Emerging Markets Dominate Gold Acquisitions

Emerging market central banks accounted for 60% of global net purchases in 2024, driven by India’s record-buying spree, alongside Turkey and Poland’s significant contributions. October’s global central bank gold purchases outpaced previous quarters, highlighting the growing demand for gold as a strategic asset.

Summary of the news

Key Points	Details
Why in News	RBI added 27 tonnes of gold in October 2024, increasing India’s total reserves to 882 tonnes.
India’s Gold Holdings	Total reserves: 882 tonnes, with 510 tonnes held domestically.
Global Gold Purchases	Central banks globally bought 60 tonnes of gold in October; India led the purchases.
Gold Purchases (Jan-Oct 2024)	RBI bought 77 tonnes, a five-fold increase compared to the same period in 2023.
Top Gold Buyers (2024)	Turkey: 72 tonnes, Poland: 69 tonnes, India: 77 tonnes (January-October).
Emerging Markets’ Dominance	Accounted for 60% of global net purchases in 2024.
Notable Additions by Other Nations	– Turkey: 17 tonnes in October.
	– Poland: 8 tonnes, targeting 20% gold allocation in reserves.
	– Kazakhstan: Added 5 tonnes, net seller for the year.
	– Czech National Bank: 2 tonnes, total reserves now 49 tonnes.
	– Ghana: Added 1 tonne, increasing reserves to 28 tonnes.