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India\u2019s central bank probably increased its gold reserves by the most in almost two years last month, according to a World Gold Council analyst.<\/p>\n
The Reserve Bank of India added more than nine tons in June, based on calculations using weekly data from the bank, Krishan Gopaul said in a\u00a0post<\/a>\u00a0on social medial platform X<\/a>. That\u2019s the most since July 2022, and means India\u2019s reserves have expanded by 37 tons this year to 841 tons, he said.<\/p>\n Central bank buying has been a key driver of bullion\u2019s rally this year that sent prices to a record in May. The size of purchases has been a big focus and question mark for the market, as they can be delayed or not reported fully.<\/p>\n A large number of central banks still planned to buy gold in the coming year, spurred by heightened geopolitical and financial risks that make owning the metal more attractive, according to a recent survey by the WGC. About 20 planned to raise their holdings, according to the survey, which didn\u2019t disclose which nations expect to buy.<\/p>\n India has been a major buyer of gold in recent years, alongside countries such as\u00a0China<\/a>\u00a0and Turkey.\u00a0<\/p>\n The Reserve Bank of India also moved 100 tons of its gold from the UK back to its domestic vaults, the Times of India\u00a0reported<\/a>\u00a0in May.<\/p>\n<\/div>\nSubscribe to the CEO Daily newsletter to get global CEO perspectives on the biggest stories in business. Sign up for free<\/a>.<\/div>\n<\/div>\n