India’s Gold Reserves Rise By $664 Million; Forex Reserves Fall To $709.76 Billion

India’s gold reserves rose by $664 million to $130.68 billion for the week ended March 13, according to data released by the Reserve Bank of India. The increase reflects a steady accumulation of bullion despite broader volatility in external reserves.

Total foreign exchange reserves declined by $7.05 billion to $709.76 billion during the same period. This follows a sharper fall of $11.68 billion in the preceding week, indicating sustained pressure on the country’s external buffers.

The drop is largely attributed to central bank intervention in currency markets.

The Reserve Bank sold US dollars to stabilise the rupee amid rising crude oil prices and geopolitical tensions linked to the Iran conflict.

Foreign currency assets, which form the largest component of reserves, fell by $7.678 billion to $555.568 billion. These assets also reflect fluctuations in major global currencies such as the euro, pound, and yen against the US dollar.

According to the India Bullion and Jewellers Association, gold prices declined by Rs 671 to Rs 1,47,218 per 10 grams on Friday. Silver prices, however, rose by nearly Rs 2,500 to Rs 2,32,364 per kilogram.

Every week, gold has dropped by over Rs 11,100, while silver has declined by more than Rs 28,100.

On the Multi Commodity Exchange, gold futures for April traded at Rs 1,46,824 per 10 grams, while silver for May stood at Rs 2,34,112 per kilogram, both showing intra-day gains.

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