India moves 100-tonne gold from UK to domestic vaults
This is one of the biggest movements of gold undertaken by the country since 1991
image for illustrative purpose
Mumbai: India has moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24, sources said on Friday. This is one of the biggest movements of gold undertaken by the country since 1991, when pledging a substantial part of the gold holding to tide over a foreign exchange crisis resulted in its movement out of vaults. The country’s overall gold holding increased 27.46 metric tonnes in FY24 and it stands at 822 metric tonnes, as per official data.
A substantial part of the precious commodity is stored abroad, the sources said, adding that India also had its holding with the Bank of England like other countries. The movement of 100 metric tonnes into India has taken the overall quantity stored locally to over 408 metric tonnes of gold, which means the local and foreign holding is now split almost evenly.
