BENGALURU (Reuters) – India’s central bank has transferred just over 100 tonnes of gold from Britain to its national vaults, the Times of India newspaper reported on Friday, citing sources.
A similar quantity of the precious metal could arrive in the country in the coming months, the report said, adding that the decision was driven by logistical and diversified storage reasons.
The Reserve Bank of India held 822.10 tonnes of gold at the end of March, of which 408.31 tonnes were held domestically.
Central banks around the world have increased their gold reserves, often seen as a hedge against currency volatility and geopolitical risks.
The RBI decided to shift gold to India as stocks piled up abroad, TOI reported.
The RBI did not immediately respond to a Reuters request for comment.
(Reporting by Sethuraman NR in Bangalore; editing by Rashmi Aich)
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