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Gold July 09, 2019 12:30:29 PM

Indian Central Bank Gold Reserves Hit Fresh Peak

Paul Ploumis
ScrapMonster Author
The country now features in the top 10 list of counties with largest gold holdings.

Indian Central Bank Gold Reserves Hit Fresh Peak

SEATTLE (Scrap Monster):  The International Financial Statistics for the month of July 2019, published by the International Monetary Fund (IMF), suggests that India’s gold reserves hit all-time highs of 618 tonnes. The country now features in the top 10 list of counties with largest gold holdings.

As per data by the World Gold Council (WGC), the Reserve Bank of India (RBI) added 5.6 tonnes of gold to its reserves during the month of May this year. The cumulative gold purchases totaled 18 tonnes so far in 2019. It must be noted that the RBI had added 42 tonnes to its gold reserves in the previous year. Also, the net gold holding in its foreign exchange reserves now totals 618.2 tonnes.

The net purchases of gold in excess of one tonne totaled 35.8 tonnes in May ’19, significantly lower by 27% when compared with the prior month. The year-to-date net gold purchases totaled 247.3 tonnes, which is higher by 73% upon comparison with the same period last year. Russia, China, Turkey and Kazakhstan continued to be the biggest buyers of gold so far in 2019. Russia's central bank had boosted gold purchases by 6 tonnes in May.

The Polish central bank purchased 95 tonnes of gold in June this year, thus taking the total yearly purchases to 100 tonnes. This compares with the purchases of 26 tonnes in 2018. Poland’s total gold reserves now total 229 tonnes. Also, WGC data suggests that China added almost 85 tonnes of gold to its reserves in calendar 2019.

ALSO READ: Central Bank Gold Purchases Recorded Strongest Q1 Since 2013

Incidentally, the U.S. has the highest gold reserves of 8,133.4 tonnes, followed by Germany and IMF with 3,367.9 tonnes and 2,814.10 tonnes respectively.

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