RBI transfers 100 tonnes of gold from UK to domestic vaults: Report

The Reserve Bank of India (RBI) has transferred 100 tonnes of its gold lodged with the central bank of the UK to domestic vaults, a report said on Friday, May 31.

To move the yellow metal of this amount required months of planning, stated the Times of India report, adding that the Centre decided to forego revenue on the transfer of this sovereign asset by waiving off the customs duty.

An official statement to corroborate the claims, however, was awaited at the time of filing this report.

The newspaper claimed that a large aircraft was used, along with detailed security arrangements, to bring the huge amount of the yellow metal from the UK.

The RBI's domestic vault for gold storage is located in Mumbai and Nagpur.

After moving back 100 tonnes of gold from the UK to India, the RBI may again transfer a similar amount of the metal from the Bank of England to its domestic vaults, the publication further said, citing sources.

Central banks on gold buying spree

Several central banks around the world have been on a gold buying spree, in view of the global uncertainties. In the financial year ended March 31, 2024, the RBI bought 27.5 tonnes of gold.

The country's overall yellow metal reserves reached 822.1 tonnes at the end of FY24. Out of this, 413.8 tonnes of gold is stored overseas.

Neighbouring China, which is mopping up gold to diversity its funds and reduce the dependence on dollar, recorded 17th straight monthly purchase in March. The country's gold reserves stood at 2,262 tonnes or 4.6% of total reserves as of March 31, 2024.