India Brings Back 64 Tons of Gold from Foreign Vaults
(MENAFN) India’s central bank has moved a large share of its gold reserves back from foreign vaults, responding to growing global unease over Western asset freezes targeting Russia.
According to the Reserve Bank of India (RBI)’s latest half-yearly report on foreign exchange reserves, about 64 tons of gold were repatriated during the first half of the current financial year (April–September). The move sharply increased the portion of India’s bullion held domestically.
As of the end of September, the RBI’s total gold holdings stood at 880.18 metric tons, with 575.82 tons stored in India. The remainder includes 290.37 tons kept with the Bank of England (BoE) and the Bank for International Settlements (BIS), while 13.99 tons were held as gold deposits.
The RBI has been steadily shifting reserves back home over the past two years. In October 2023, it transferred 102 tons from the BoE and BIS, followed by another 100 tons in May 2024 — a relocation analysts have described as one of the largest since the 1990s.
The effort has gained urgency after G7 nations froze more than $300 billion in Russian sovereign and private assets amid the Ukraine conflict, raising concerns among emerging economies over the safety of offshore reserves.
Ritesh Jain, founder of investment firm Pinetree Macro, told media that India should accelerate the process. “In this new era, if you don't have custody of your gold, it's not truly yours,” Jain stated.
Adding to the sentiment, Citadel hedge fund founder Ken Griffin recently remarked that investors now increasingly regard gold as a safer store of value than the US dollar. The greenback has weakened against major currencies this year following uncertainty over US President Donald Trump’s tariff policies.
India’s gold repatriation underscores a growing global shift toward asset security and monetary self-reliance amid heightened geopolitical tensions.
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