From March 2020 to March 2025, the Reserve Bank of India's (RBI) gold reserves increased by 226.58 tonnes, representing a value increase of $47.60 billion. This translates to a 34.7% rise in reserves and a 155.7% surge in value.
RBI Gold: The Reserve Bank of India's (RBI) gold reserves have increased by 35% over the past five years. From March 2020 to March 2025, the RBI purchased a total of 226.58 tonnes of gold, resulting in a $47.60 billion increase in value. In percentage terms, the RBI's gold reserves increased by 34.7%, and their value increased by 155.7%.
Increased RBI Gold Reserves
During this period, the RBI accumulated 219.69 tonnes of gold domestically, surpassing the amount held overseas. The fact that India's central bank now holds more gold domestically than abroad is a significant indicator of India strengthening its gold reserve policy.
Increased Prices and Global Gold Prices
Global gold prices have nearly doubled over the past five years. In India, gold prices have increased by approximately 120%. From January to the present year, gold prices have risen by 27%, with a 6% increase in April 2025 alone. This rising demand has led to increased gold purchases by central banks worldwide.
Central Banks' Gold Reserves
Several major countries internationally have also increased their gold reserves. In March 2020, the United States held 8133.46 tonnes, Germany 3364.16 tonnes, Italy 2451.84 tonnes, France 2436 tonnes, Russia 2299.15 tonnes, and China 1948.31 tonnes of gold. While Russia and China saw slight increases in their reserves over the five years, other countries experienced minimal changes.
RBI Gold Reserves: Significant Growth in Five Years
The RBI's gold reserves increased from 653.01 tonnes in March 2020 to 879.59 tonnes in March 2025. During this period, the RBI purchased 219.69 tonnes of gold, resulting in a total reserve increase of 226.58 tonnes. While previously held with the Bank of England and the Bank for International Settlements (BIS), a larger portion of the RBI's gold is now stored domestically.
Highest Reserve Increase in 2021-22
The fiscal year 2021-22 saw the highest gold acquisition by the RBI in the past five years. The RBI purchased 65.11 tonnes of gold during this period, bringing the domestic gold reserves to 295.82 tonnes. In 2022-23, reserves increased by 34.22 tonnes, bringing the total RBI holdings to 794.64 tonnes.
For the First Time in 2023-24, More Gold Held Overseas than Domestically
In 2023-24, the RBI held more gold overseas than domestically for the first time. At the end of March 2024, the RBI held 822.10 tonnes of gold. Of this, 107.21 tonnes were repatriated, while 387.26 tonnes remained with the Bank of England and the BIS.
Stronger Position for the Future
By March 2025, the RBI's gold reserves reached 879.59 tonnes. During this period, the RBI repatriated 103.68 tonnes of gold, increasing domestic holdings to 511.99 tonnes. 348.62 tonnes remained with the Bank of England and the BIS. The proportion of gold in foreign exchange reserves reached 11.70% by March 2025.
