On Dhanteras, the Reserve Bank of India reported that it has sent 102 tonnes of gold from the Bank of England vault in London to safe locations within the country. New reports on the management of foreign exchange reserves revealed that at the end of September, out of the 855 tonnes of gold held by the RBI, 510.5 tonnes have been kept in safe locations in the country. 214 tonnes of gold brought into the country since September 2022 Since September 2022, 214 tonnes of gold has been brought into the country. The government wants to keep the gold safe amid rising geopolitical tensions around the world. Many in the government believe that keeping gold at home is safer. 100 tonnes of gold was also brought to India in May Earlier on May 31, a report said that 100 tonnes of gold has been brought to India from the UK. India’s economic condition had weakened in the early 1990s and it had to mortgage gold. This was the first time so much gold had come back to India. Like last time, RBI and the government carried out a secret mission with special aircraft and security arrangements to bring the gold to the country. To keep the gold safe, it was kept in mind that no information of any kind should be leaked. RBI keeps gold abroad along with India RBI keeps gold not only in India but also abroad. Central banks of all countries want to keep gold in different places, so that the risk can be reduced. First of all, the safety of gold is kept in mind. If the economic condition in India worsens due to disaster or political instability, then the gold kept abroad is useful in recovering from it. Natural disasters can also damage the gold reserves. Keeping gold in different places reduces this risk. Britain is the gold repository for many central banks Britain’s Bank of England has traditionally been the gold repository for many central banks. Some amount of gold is already deposited in London since before India’s independence, because before independence, Britain used to keep India’s gold in the Bank of England. So even after independence, India has kept some gold in London. About 324 tonnes of India’s gold is now in the Bank of England, 324 tonnes of gold is kept in the safe custody of the Bank of England and the Bank for International Settlements. Many countries keep their gold in the Bank of England. It is the second largest gold custodian after the New York Federal Reserve. UK’s bullion warehouse “Bullion Warehouse” was built in 1697 and was later expanded to store gold from Brazil to Australia and California to South Africa. It holds about 4 lakh gold bars. In September, these vaults held about 5,350 tonnes of gold. Gold maintains economic stability, so it is stored. If a country’s currency weakens internationally, gold reserves help maintain the purchasing power of that country and its economic stability. In 1991, when India’s economy was sinking and it did not have dollars to import goods, it raised money by mortgaging gold and came out of this financial crisis. Having a lot of reserves means that the country’s economy is strong. It also shows that that country manages its wealth well. In such a situation, other countries and global financial institutions trust that country more. Gold reserves provide a solid asset to support the currency value of any country. Also read this news related to gold … Gold crosses ? 79,000, increases by ? 936 in a day: Silver also rises by about ? 500, it is selling at Rs 98,340 per kg After making an all-time high on Dhanteras, gold has made a new high on Chhoti Diwali. Today, i.e. Wednesday (30 October), the price of 10 grams of 24 carat gold has increased by Rs 936 from yesterday’s price and has reached Rs 79,681. Yesterday the price of gold was Rs 78,745. At the same time, the price of silver has also increased by Rs 467 and has reached Rs 98,340 per kg. Earlier, silver was at Rs 97,873. On 23 October this month, silver had made an all-time high of Rs 99,151. Click here to read the full news….
