India's Central Bank Relocates 100 Tons of Gold from the UK to Domestic Vaults

Islamabad: India's central bank has transferred over 100 metric tons of gold from the UK to its domestic vaults, according to a report by the Times of India on Friday, citing sources.

The report mentioned that a similar quantity of gold might be moved to India in the coming months for logistical reasons and diversified storage.

As of the end of March, the Reserve Bank of India held 822.10 tons of gold, with 408.31 tons stored domestically.

Central banks worldwide have been increasing their gold reserves, which are often viewed as a hedge against currency volatility and geopolitical risks.

The Times of India reported that the RBI decided to relocate the gold to India due to the accumulation of stock overseas.

The RBI did not immediately respond to a request for comment from Reuters.