India’s Gold Reserves Rise By $342 Million, Forex Stands At $699.736 Billion: RBI

India’s gold reserves rose by $342 million during the week, reaching $84.846 billion, the Reserve Bank of India (RBI) reported on Friday. The data comes as global and domestic bullion markets experience a sharp rally.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) also increased by $39 million to $18.868 billion.

Additionally, India’s reserve position with the IMF grew by $107 million to $4.735 billion.

The RBI noted that India’s total foreign exchange reserves stood at $699.736 billion for the week ending July 4.

In the previous week, reserves had surged by $4.849 billion to reach $702.784 billion. The all-time high of $704.885 billion was recorded in end-September 2024.

On Friday, both gold and silver prices in India rose sharply. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold climbed ₹465 to ₹97,511 per 10 grams. The previous day, it was priced at ₹97,046.

Similarly, 22-carat gold reached ₹89,320 per 10 grams, while 18-carat gold hit ₹73,133 per 10 grams.

Silver prices posted an even more significant rise, surging ₹2,356 in 24 hours to ₹1,10,290 per kilogram. This broke the previous all-time high of ₹1,09,550 recorded on June 18.

Globally, precious metals continued to trade higher. Gold rose by 1.01 per cent to $3,358 per ounce, while silver jumped 2.92 per cent to $38.40 per ounce.

Analysts attribute the rise in bullion prices to global economic uncertainty and growing concerns over trade tariffs. Investors are increasingly turning to safe-haven assets like gold to hedge against market volatility.

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