India’s Gold Reserves Rise Amid Bullion Rally; Silver Hits New All-Time High
India’s gold reserves rose by $342 million to $84.846 billion for the week ended July 4, according to the Reserve Bank of India (RBI). Special Drawing Rights (SDRs) with the IMF also grew by $39 million to $18.868 billion, while the country’s reserve position with the IMF increased by $107 million to $4.735 billion.
India’s total foreign exchange reserves stood at $699.736 billion, slightly lower than the previous week’s $702.784 billion. The reserves had hit an all-time high of $704.885 billion in September 2024.
The surge in reserves coincides with a rally in global and domestic bullion markets. According to the India Bullion and Jewellers Association, 24-carat gold rose by ₹465 to ₹97,511 per 10 grams. Silver prices surged by ₹2,356 to a record ₹1,10,290 per kg, surpassing the previous high of ₹1,09,550 set on June 18.
Globally, gold rose by 1.01% to $3,358 per ounce, while silver jumped 2.92% to $38.40. Analysts attribute the trend to global economic uncertainty and renewed trade tariff concerns.
