WGC: RBI Posted Highest Monthly Gold Purchase in 18 Months

The net gold buying by the RBI had recorded notable decline by 16.2 tonnes in 2023, WGC report said.

SEATTLE (Scrap Monster): The India gold market update report published by the World Gold Council (WGC) noted that the country’s central bank reported its highest gold purchases in eighteen months during the month of January this year.

The Reserve Bank of India (RBI) added to its gold reserves after a gap of two months. The bank reported gold purchases of 8.7 tonnes during the month, thus taking its gold holdings to an all-time high of 812.3 tonnes as of end-January 2024. The net gold buying by the RBI had recorded notable decline by 16.2 tonnes in 2023, WGC report said.

The domestic gold prices moved from a discount to premium in relation to international prices since the last week of the previous month. The premium has ranged from US$0.25/oz to US$4/oz since then, the gold trade body noted.

The gold imports by the country witnessed considerable fluctuations during the previous year. The H1 reported lower imports, whereas imports witnessed substantial momentum in October. However, the momentum at the start of Q4 was not sustained, mainly due to muted demand and high gold prices.

WGC foresees subdued demand for Indian gold jewellery, due to the absence of significant dip in prices of the yellow metal. However, the gold investment demand is likely to get big boost, driven by favourable domestic economic growth prospects.

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