India repatriates over 100 tonnes of gold from BoE to RBI vaults, amount could double in coming months – by Ernest Hoffman (Kitco News – June 3, 2024)

(Kitco News) – Over 100 tonnes of gold have been moved from the United Kingdom to the Reserve Bank of India’s (RBI) vaults in one of the most ambitious transfers of the precious metal ever undertaken, and that amount could double in the coming months, according to a report from the Times of India published Friday.

Up until now, over half of the RBI’s gold reserves were being held with the Bank of England (BoE) and the Bank of International Settlements (BIS) overseas, but the Indian government has begun the process of repatriating the country’s bullion holdings.

As of March 31, 2024, the RBI’s total gold reserves were listed at 822.1 tonnes, up from 794.63 tonnes in March of 2023, and 413.8 tonnes of that total was held overseas. The Bank of England has long served as the storehouse for the bullion reserves of a large number of central banks, including those of India, with some of the country’s gold reserves housed in the UK since before Independence in 1947.

For the rest of this article: