RBI adds 27 tonnnes gold to country's reserve in October, says WGC

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RBI adds 27 tonnnes gold to country's reserve in October, says WGC - Business Standard

Quick Summary:

Gold buying by central banks surged to 60 tonnes in October, mainly led by the Reserve Bank of India (RBI) which added 27 tonnes of the precious metal to its reserves, the World Gold Council (WGC) said on Thursday.

India added 27 tonnes of gold in October, bringing its total gold purchases to 77 tonnes from January to October, according WGC data based on reported monthly data from the International Monetary Fund (IMF).

WGC further stated that emerging market central banks continued to dominate the market with Turkey and Poland adding 72 tonnes and 69 tonnes from January-October 2024, to their gold reserves, respectively.