Mumbai, June 3 (IANS) The Reserve Bank of India (RBI) on Wednesday clarified that its physical stock of gold remains unchanged at 880.52 tonnes, dismissing media reports that suggested the central bank had sold part of its gold reserves.In a statement, the RBI said it had come across reports in certain sections of the media regarding the sale of gold by the central bank, and emphasised that such reports were incorrect.“The Reserve Bank of India (RBI) has come across reports in certain sections…
Latest Gold Reserves News & Updates
New Delhi, June 3 (IANS) The government on Wednesday dismissed claims that the Reserve Bank of India (RBI) sold gold worth around $12 billion, calling a media report fake.In a post on X, the Press Information Bureau (PIB) Fact Check unit rejected claims that the RBI had offloaded a significant portion of its gold reserves, citing official data released by the central bank.“According to RBI, the share of gold in India’s foreign exchange reserves rose from 13.92 per cent at the end of Septembe…
New Delhi, May 19 (IANS) The government on Tuesday dismissed as ‘false, misleading and baseless’ reports and social media claims suggesting that it was planning to introduce a gold monetisation scheme for temple trusts and religious institutions across the country.The Ministry of Finance, in an official clarification, said certain media reports and social media posts were falsely claiming that the Centre was planning to issue gold bonds to temples in exchange for temple gold reserves or had appr…
Mumbai, May 15 (IANS) India’s foreign exchange reserves rose sharply by $6.295 billion to $696.988 billion during the week ended May 8, mainly driven by a significant increase in gold reserves, according to data released by the Reserve Bank of India on Friday.The latest rise comes after the country’s forex reserves had declined by $7.794 billion to $690.693 billion in the previous reporting week.India’s foreign exchange reserves had earlier touched a record high of $728.494 billion in the …
New Delhi, May 15 (IANS) Gold is very much the topic of conversation following Prime Minister Narendra Modi’s call urging Indians to refrain from buying it for some time.In India, gold is a financial asset as well as linked with social, cultural, and religious traditions. Purchases are culturally important in India, but they are also import-heavy. Asking households to delay buying gold is a direct way to trim the outflow of foreign exchange without significantly touching taxes or subsidies, whic…
Mumbai, April 24 (IANS) India’s foreign exchange reserves registered a $2.3 billion increase in the week ending April 17, according to data released by the Reserve Bank of India on Friday.The country’s forex reserves rose to reach $703.30 billion, the central bank said.The uptick comes after a period of sustained pressure on the reserves, largely driven by external factors and currency market interventions.India’s reserves had previously touched an all-time high of $728.494 billion in the …
Mumbai, April 10 (IANS) India’s foreign exchange reserves rebounded sharply in the first week of April, reversing the previous week’s decline, as the country’s forex reserves rose by $9.063 billion, according to data released by the Reserve Bank of India (RBI) on Friday.The country’s forex jumped to $697.121 billion for the week ended April 3. This comes after a significant drop of $10.288 billion in the preceding week ended March 27, when reserves had slipped to $688.058 billion.The lat…
New Delhi, April 10 (IANS) India’s household gold holdings have surpassed the combined reserves of the world’s top 10 central banks and emerged as a significant but underutilised economic asset, a report has said.As per the industry body Assocham analysis, the sharp rise in gold prices during 2024-25 and early 2026 has pushed the value of gold held by Indian households to an estimated $5 trillion, making it one of the largest pools of private wealth globally.Highlighting the macroeconomic pote…
New Delhi, March 19 (IANS) Indian households are sitting on an enormous reserve of gold, and that wealth is now quietly reshaping the country’s lending market, a report has said.According to a report by Morgan Stanley, Indian households collectively own more than 34,000 tonnes of gold.Kotak Mahindra Bank estimates this stockpile to be worth nearly $5 trillion. While most of this gold — around 90 per cent — still lies idle, it is increasingly being used as collateral to raise quick loans.Gold…
New Delhi, Jan 23 (IANS) India’s foreign exchange reserves witnessed a massive surge of $14.167 billion to reach $701.36 billion in the week ended January 16, the Reserve Bank of India (RBI) data showed on Friday.In the preceding week that ended January 9, the country’s foreign exchange reserves had increased by $392 million.The largest component of the foreign exchange reserves, Foreign Currency Assets (FCA), increased by $9.65 billion in the week ended January 16, reaching $560.51 billion.FCA …