RBI Brings 102 Tonnes Of Gold Home From London - Here's Why

On Dhanteras, the Reserve Bank of India (RBI) announced the repatriation of 102 tonnes of gold from the UK, reflecting a strategy to strengthen domestic reserves amid global uncertainties. With over 510 tonnes now stored in India, RBI aims to secure assets while enhancing market stability and meeting national demand.
RBI Brings 102 Tonnes Of Gold Home From London

RBI Brings 102 Tonnes Of Gold Home From London (Image Source: iStockphoto)

On the auspicious day of Dhanteras, which is usually associated with gold purchases in India, the Reserve Bank of India (RBI) announced a significant shift in its asset management approach. The central bank has recovered 102 tons of gold from the Bank of England's vaults in London and transferred it to secure locations in India.
According to the most current foreign exchange reserves report, the RBI had a total of 855 tonnes of gold at the end of September, with more than half of it — 510.5 tonnes — now kept domestically. This step reflects the RBI's strategy shift as it strives to mitigate the risks associated with retaining large amounts of gold reserves overseas. In fact, since September 2022, the RBI has covertly returned 214 tonnes of gold, a decision partly prompted by growing fears about geopolitical tensions and prospective sanctions, similar to those imposed on Russia by Western nations.
To guarantee a smooth transfer, the repatriation was carried out in accordance with tight security protocols, including special flights and tax exemptions. Although this wave of exports brings the year's large-scale repatriations to a stop, the RBI has said that similar transfers may be made in the future if necessary.
As of September, gold made up 9.3% of the RBI's foreign exchange assets, up from 8.1% in March.
The RBI retains a percentage of its gold abroad, primarily in the UK. Currently, 324 tons of Indian gold are stored in the vaults of the Bank of England and the Bank for International Settlements. While the RBI prioritises asset security, foreign storage provides particular benefits.
Gold kept in London gives the RBI rapid access to the London bullion market, which is one of the world's most liquid gold markets. This liquidity enables flexible activities like as trading, swaps, and collateralised loans. The RBI routinely purchases gold from international markets, storage in the UK streamlines these transactions, allowing the bank to act quickly in a linked financial world. This helps the RBI achieve its overall monetary policy goals.
According to The Economic Times report, India's experience with gold reserves kept overseas is likewise historically significant. During a balance of payments problem in the early 1990s, India pledged a portion of its gold reserves to the Bank of England in exchange for a $405 million loan. Although the loan was swiftly repaid, much of the gold stayed in the UK for practical reasons. Today, the RBI's repatriation plan aims to minimize a similar reliance on foreign storage while weighing the operational benefits of keeping some reserves in overseas vaults.
The report added that the RBI's goal to raise domestic gold reserves has significant consequences for India's bullion market as well. With increased demand for gold-backed products, like as exchange-traded funds, the RBI's decision to bring more gold home benefits both market stability and local pricing. By keeping a greater supply of gold in India, the RBI boosts the domestic bullion market, benefiting both individual investors and the national economy.
Furthermore, the RBI's coordination with the Indian government enables a more coordinated approach to managing domestic gold prices, particularly during high buying seasons like as Dhanteras.
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