Bookmark Bookmark

Reserve Bank of India ranks sixth in buying gold from abroad

Reserve Bank of India ranks sixth in buying gold from abroad

The World Gold Council (WGC) has released the World Gold Outlook 2020 report. According to the report, RBI (Reserve Bank of India) ranks 6th in the world among other central banks.

Key points:

  • The report states that gold has performed the best since 2010 in the year 2019.
  • In 2019, the gold trade increased by 18.4% as compared to 2010.
  • The Reserve Bank of India currently holds 625.2 tonnes of gold, making it 6.6% of the country’s foreign exchange.
  • The report asserts:

      ○ higher taxes have worsened the local gold price consumption.

      ○ Also, the recently introduces new hallmarking reforms are expected to increase consumer trust, promote growth, remove inefficiencies and improve confidence.

  • The other five countries that are above India are China, Russia, Kazakhstan, Turkey and Poland.
  • The Exchange Traded Funds (ETF) of institutional investors were the 2nd largest buyers of gold in 2019.
  • In 2019, the largest gold sellers were Uzbekistan and Venezuela selling 16.6 tonnes and 30.3 tonnes of gold respectively.

World Gold Council

The World Gold Council is a market development organization with its headquarters located in London.

You might be interested:

One Liners of the Day, 19 January 2020

Defence This country started production of S-400 long-range surface-to-air missile systems for India - Russia. International  The 50th World Economic Forum (WEF) will be held from January 20th ...

2 months ago

Daily News Digest:18 January 2020

Central Adoption Resource Authority celebrated its 5th Annual DayOn 15th January 2020, the Central Adoption Resource Authority-CARA celebrated its 5th Annual Day in New Delhi. CARA is an apex bod ...

2 months ago

Winged Raider

Winged Raider The Indian Army has conducted its largest airborne exercise called the Winged Raider, where 500 troops participated on January 17, 2020. The exercise demonstrated the operational readine ...

2 months ago

Wings India 2020

Wings India 2020 On 12-15 March 2020 Wings India 2020 has been scheduled to be held at Begumpet Airport in Hyderabad. The event is expected to boost aviation. Key Points: This event is organized by t ...

2 months ago

Arunachal Pradesh Legislative Assembly adopted a new logo

Arunachal Pradesh Legislative Assembly adopted a new logo The Arunachal Pradesh Legislative Assembly on 9th January 2020 adopted a new logo which reflects the distinct identity and culture of the stat ...

2 months ago

Janak Raj expected to be the third internal member of the monetary policy committee

Janak Raj expected to be the third internal member of the monetary policy committee The RBI's principal adviser in the monetary policy department, Janak Raj, is likely to be the 3rd internal member of ...

2 months ago

Provide your feedback on this article: