RBI Moves 1 Lakh Kg of Gold from UK to India, First Time Since 1991

May 31, 2024, 06:10 AM

The Reserve Bank of India (RBI) has moved over 100 tonnes (1 lakh kg) of gold from the United Kingdom to its domestic vaults, marking the first such transfer since 1991. This significant move is part of a broader strategy to diversify storage and enhance logistical efficiency. The RBI now holds approximately 50% of its gold reserves domestically. The transfer involved months of planning, coordination, and security arrangements. Over half of the central bank's gold reserves are held overseas in safe custody with the Bank of England and the Bank of International Settlements. This shift comes amid a global trend where nations are increasingly choosing to self-custody their gold reserves.