The Reserve Bank of India revealed that it had transported an additional 102 tons of gold from the London vaults of the Bank of England to safe havens around the nation.
By the end of September, the Indian government had 855 tons of yellow metal. 510.5 tons were held domestically by the central bank, according to the most recent data on disclosure of foreign exchange reserve management.
As of September 2022, 214 tons have entered the nation as the government and RBI looked to protect their holdings in the face of increased geopolitical unrest worldwide.
Many government officials think that keeping gold at home is safer. According to reports on May 31, 100 million tonnes were being transported from the UK, and it was stated that a comparable amount was scheduled to be shipped again
As before, the government and RBI carried out a covert operation to transfer the gold using specialized aircraft and meticulous security measures, the details were not to be revealed.
It seems unlikely that there will be any large shipments this year. Currently, the Bank of England and the Bank are keeping 324 tons in safe custody for Global Settlements, which additionally retains the majority of the precious metal in the United Kingdom.
The RBI held somewhat more than 20 tons of gold deposits.
The Bank of England is the second-largest gold custodian after the New York Federal Reserve, and it offers safe custody for the gold holdings of the UK and other central banks. The “bullion warehouse” was constructed in 1697 and later enlarged to handle the gold rush from California to Australia and Brazil to South Africa — has roughly 4 lakh bars of gold.
In early September, these vaults contained around 5,350 tonnes of yellow metal, or about 17 crore fine troy ounces.
