NEW DELHI, India — India’s gold reserves increased by $664 million to $130.68 billion for the week ended March 13, according to data released by the Reserve Bank of India on Friday.
However, the country’s total foreign exchange reserves declined by $7.05 billion to $709.76 billion during the same period.
The drop follows a sharper fall in the previous week ended March 6, when reserves decreased by $11.68 billion to $716.81 billion from $728.49 billion.
The decline has largely been attributed to the central bank’s intervention in currency markets, where it sold dollars to support the rupee amid pressure from rising global oil prices and geopolitical tensions linked to the Iran conflict.
Foreign currency assets, the largest component of India’s reserves, fell by $7.678 billion to $555.568 billion during the reporting week. These assets also reflect fluctuations in major global currencies such as the euro, pound, and yen against the U.S. dollar.
Meanwhile, precious metals saw volatility on Friday, the final trading day of the week, amid heightened tensions in the Middle East.
According to the India Bullion and Jewellers Association, 999 purity gold was priced at Rs 147,218 per 10 grams, down from Rs 147,889 on Thursday, marking a single-day decline of Rs 671.
Silver prices, however, rose nearly Rs 2,500 per kilogram to Rs 232,364.
On a weekly basis, gold prices have fallen by more than Rs 11,100, while silver has declined by more than Rs 28,100.
Last Friday, 999 purity gold was priced at Rs 158,399 per 10 grams, while 999 purity silver stood at Rs 260,488 per kilogram, according to IBJA data.
On the Multi Commodity Exchange, gold for April delivery was trading at Rs 146,824 per 10 grams as of 5:58 p.m., up 1.29%, or Rs 1,870. Silver for May delivery was trading at Rs 234,112 per kilogram, up 1.15%, or Rs 2,652. (Source: IANS)
