BENGALURU (Reuters) – India’s central financial institution has moved a bit greater than 100 metric tons of gold from the UK to its home vaults, the Instances of India newspaper reported on Friday, citing sources.
The same amount of the valuable steel may be coming to the nation within the coming months, the report mentioned, including that the transfer was for logistical causes and diversified storage.
The Reserve Financial institution of India held 822.10 tons of gold at March-end, of which 408.31 tons had been held domestically.
Central banks globally have been growing reserves held in gold, typically seen as a hedge towards forex volatility and geopolitical dangers.
The RBI determined to maneuver gold to India because the inventory was increase abroad, the TOI reported.
The RBI didn’t instantly reply to a Reuters request for remark.
(Reporting by Sethuraman NR in Bengaluru; Enhancing by Rashmi Aich)
