India bought gold worth Rs 722 crore in May: Third largest buyer in the world

In March 2019, the country's gold reserve was 618.2 tonnes, which increased by 33% to 822.1 tonnes on March 31, 2024. However, during this period, gold prices have increased by about 70%.

Bhoomi Goyal
Published on: 9 Jun 2024 6:23 AM GMT
India bought gold worth Rs 722 crore in May: Third largest buyer in the world
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The Reserve Bank of India (RBI) was the third largest buyer of gold in the world in May. According to the World Gold Council, India bought gold worth about Rs 722 crore last month. Only Switzerland and China bought more gold than India.

In the last 5 financial years, India has increased its gold reserve by about 204 tonnes. In March 2019, the country's gold reserve was 618.2 tonnes, which increased by 33% to 822.1 tonnes on March 31, 2024. However, during this period, gold prices have increased by about 70%.

Due to rising gold prices, the average daily trading volume in the global gold market last month was Rs 18 lakh crore. This is 13% less than April 2024, but 32.51% more than the average of Rs 13.6 lakh crore per day in 2023.

Gold prices rose for the third consecutive month in May. But on Friday, the price of jewellery gold (22 carat) in the country fell by Rs 773 per 10 grams to Rs 65,872. The price of 24 carat gold also fell by Rs 844 to Rs 71,913 per 10 grams as compared to Thursday.

Net investment in Gold ETFs started after 12 months

Investment in global gold ETFs increased in May. With this, the decline that was going on for the last 12 months stopped.

Europe, Asia played a major role in gold ETF investment, while there were minor withdrawals in the US and other regions.

Driven by inflows and high gold prices, total AUM in May increased by 2% on a monthly basis to reach $234 billion (about Rs 19.5 lakh crore).

According to the India Bullion and Jewelers Association (IBJA), the price of gold has increased by Rs 8,561 so far this year. On January 1, gold was at Rs 63,352, which has now reached Rs 71,913 per 10 grams. At the same time, the price of one kg silver has increased from Rs 73,395 to Rs 90,535.

Bhoomi Goyal

Bhoomi Goyal

English Content Writer in Newstrack from Jaipur, Rajasthan. (Education, Business, Technology, Political, Sports, Lifestyle, Crime and Webstories)

My self Bhoomi Goyal from Jaipur, Rajasthan. I have passed my Master's in Journalism and Mass Communication this year. I worked in Rajasthan Patrika for six months as an intern. I am working here from June 1st. I passed my graduation in BCA from Rajasthan University and master's in journalism and mass communication from Vivekananda Global University, Jaipur.

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