NEW DELHI— India’s gold reserves rose by $342 million this week, reaching a total of $84.846 billion, according to the latest data released Friday by the Reserve Bank of India (RBI).
In addition to the rise in gold holdings, India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $39 million, bringing the total to $18.868 billion. The country’s reserve position with the IMF also climbed by $107 million to $4.735 billion.
The uptick in reserves comes amid a sharp rally in both domestic and global bullion markets.
As of the week ending July 4, India’s total foreign exchange reserves stood at $699.736 billion. In the previous week, reserves had surged by $4.849 billion to $702.784 billion. India’s all-time high for forex reserves was $704.885 billion, recorded at the end of September 2024.
Foreign currency assets—expressed in U.S. dollars—reflect not only changes in holdings but also the impact of currency fluctuations involving non-dollar units like the euro, pound, and yen.
On Friday, gold and silver prices in India saw significant gains, with silver hitting a new record high.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by ₹465 to ₹97,511 per 10 grams, up from ₹97,046 the day before. Prices for 22-carat gold reached ₹89,320 per 10 grams, while 18-carat gold climbed to ₹73,133 per 10 grams.
Silver prices surged ₹2,356 in the last 24 hours to a new all-time high of ₹1,10,290 per kilogram, surpassing the previous record of ₹1,09,550 set on June 18.
Globally, precious metals also gained traction, with gold rising 1.01% to $3,358 per ounce and silver jumping 2.92% to $38.40 per ounce.
Analysts attribute the rise in bullion prices to heightened global economic uncertainty and renewed concerns over trade tariffs, which are prompting investors to turn to safe-haven assets like gold and silver. (Source: IANS)
