RBI made its largest gold purchase since July 2022, acquiring 8.7 tonnes

In January, the Reserve Bank of India (RBI) made its largest gold purchase since July 2022, acquiring 8.7 tonnes of gold. This brought the RBI’s gold holding to 812.3 tonnes, up from 803.58 tonnes in December 2023. The central bank’s move is aimed at diversifying its forex reserves and hedging against foreign currency risks.

World Gold Council (WGC)

Establishment and Purpose:

• Founded in 1987 as a nonprofit association.
• Comprises leading gold mining companies globally.
• Aims to promote gold usage and demand through marketing, research, and lobbying.

Operations and Coverage:

• Headquartered in London, with presence in India, China, Singapore, and the USA.
• Covers markets representing about three-quarters of the world’s annual gold consumption.

Advocacy and Initiatives:

• Advocates for increased gold consumption and growth in the industry.
• Sets standards, proposes policies, and ensures fairness and sustainability in gold mining.
• Promotes gold usage across individuals, industries, and institutions.

Research and Innovation:

• Co-sponsors research for developing new uses and products containing gold.
• Notable for creating the first gold exchange-traded fund (ETF).