Brief by Shorts91 Newsdesk / 06:11pm on 31 May 2024,Friday India
India's central bank has moved 100 tonnes of gold from the UK to its vaults in India. This is the first such transfer since 1991. The RBI made this move for logistical reasons and to diversify storage. The gold is stored in Mumbai and Nagpur. In March, RBI held 822.1 tonnes of gold, with 413.8 tonnes overseas. The bank has recently increased its gold purchases, buying 1.5 times more gold from January to April 2024 than in the whole of 2023. This shift highlights India's economic strength and confidence compared to the 1991 crisis.
