RBI Gold Reserves: Research & Analysis

Historical analysis of India's gold reserves reported weekly by the Reserve Bank of India. Monthly time series of changes in value (USD & INR) and physical holdings (tonnes), year-over-year trends, and accumulation patterns.

Latest data as on 6 March 2026

Gold Value

$130.0B

Holdings

880 t

as of 30 Jan

Gold Share

18.1%

of total reserves

Total Reserves

$716.8B

YoY Change

+$50.7B

RBI Gold Reserves

As on 6 Mar 2026

▲ $94.6B (+266.6%)5Y

Reserves (USD)

Reserves

$130.0B

Holdings

880 t

Gold Share %

18.1%

+0.07pp MoM

MoM Change

$-1.6B

Yearly Addition

+0.4 t

2025

Accumulation

41/60

months with net addition

Source: RBI DBIE

Metalspread Analysis

Gold's Rising Share in India's Forex Reserves

Composition analysis showing how gold's share rose from 6.4% to 18.1%, reflecting deliberate diversification away from foreign currency assets

GoldFCASDRReserve Tranche

2001

6.4%

Gold share at start of data series

October 2007

2.8%

Lowest gold share (FCA growth outpaced)

October 2024

10.0%

Gold share first crossed 10%

Latest

18.1%

Current gold share of total reserves

Share Growth

6.4% → 18.1%

+11.8 percentage points over 25 years

Detailed Analysis

The Declining Share (2001-2007)

In April 2001, gold accounted for 6.4% of India's total forex reserves. Over the next six years, this share actually fell to as low as 2.8% by October 2007. This was not because the RBI sold gold. Instead, India's foreign currency assets (FCA) grew explosively from $40 billion to over $306 billion as the economy boomed, dwarfing the static gold holdings. Gold was a shrinking slice of a rapidly growing pie.

The IMF Purchase Effect (2009-2012)

The landmark 200-tonne IMF purchase in October 2009 immediately boosted gold's share from 3.6% to 6.1%. Combined with soaring gold prices (from ~$1,000/oz to $1,900/oz in 2011), the share peaked at 9.6% in November 2012. This was entirely driven by price appreciation. The RBI added no new gold during this period, but the rising market value of existing holdings increased gold's proportion relative to other reserve components.

The Bear Market Dip (2014-2018)

As gold prices retreated from their 2011 highs, dropping to ~$1,050/oz by late 2015, gold's share reversed. It fell back to as low as 4.9% by early 2018, even as the RBI's total reserves continued to grow. The bear market eroded the valuation gains from the previous years, and the combination of stagnant gold prices and growing FCA pushed gold's share to its lowest levels in the dataset.

Deliberate Diversification (2019-Present)

The current rally in gold's share is fundamentally different from 2009-2013. This time, it is driven by both active buying and price appreciation. The RBI has been systematically purchasing gold since FY2019, adding over 300 tonnes. Simultaneously, gold prices surged past $2,500/oz. The result: gold's share crossed 10% in October 2024 and reached 18.1% by February 2026, the highest level in the dataset. Unlike the passive price-driven gains of 2011-2012, this reflects a deliberate policy shift toward reserve diversification.

FCA Dominance Persists

Despite gold's rising share, foreign currency assets remain the dominant component at roughly 79% of total reserves (primarily US dollars, euros, and other major currencies). SDR allocations (~2.6%) and the IMF Reserve Tranche Position (~0.7%) together make up a small fraction. The stacked area chart above shows how FCA's overwhelming share has gradually given way as gold carves out a larger portion.

Global Context

India's gold share of 18.1% remains well below global leaders like the US and Germany (both over 70%). However, the trajectory is clear: India is joining a global trend of central banks increasing gold allocations as a hedge against dollar concentration risk. If the RBI continues buying at the current pace of 40-60 tonnes per year, gold's share could approach 20-25% within the next few years, particularly if gold prices remain elevated.

Source: RBI DBIE (reserve components). Analysis by metalspread.com

Metalspread Analysis

Gold Reserves: Domestic vs Overseas Storage

Tracking the RBI's repatriation trend. 163 tonnes moved from overseas vaults to domestic storage since March 2022

Domestic (India)Abroad (BoE, BIS)

2001-2009

65t abroad

292t domestic. 65.49t held with BoE and BIS since 1991

Post-IMF (2010)

265.49t abroad

200t IMF purchase held overseas, pushing abroad share above 47%

March 2022

454t abroad

Peak overseas storage (60.7% of holdings). All new buying stored abroad

Latest

290t abroad

590t domestic (67.0% of holdings)

Repatriated

163t brought home

Abroad: 61% → 33% · Domestic +298t

Detailed Analysis

The Legacy Overseas Holdings (2001-2009)

When India's forex reserve data begins in 2001, the RBI held 357.75 tonnes of gold, of which 65.49 tonnes (18.3%) were stored overseas with the Bank of England (BoE) and the Bank for International Settlements (BIS). These overseas deposits dated back to 1991, when India pledged gold as collateral during the balance of payments crisis. The remaining 292.26 tonnes were held domestically. This split remained completely unchanged for eight years.

The IMF Purchase Shifts the Balance (2009)

The landmark 200-tonne IMF purchase in October 2009 was entirely stored overseas. Gold held abroad jumped from 65.49t to 265.49t overnight, while domestic holdings remained at 292.26t. This pushed the overseas share from 18% to 47.6%, nearly half of all holdings. For the first time, the RBI held nearly as much gold abroad as at home.

Abroad Share Peaks (2018-2022)

When the RBI resumed active gold buying in FY2019, nearly all new purchases were stored overseas. Domestic holdings remained around 292t (with minor fluctuations from gold deposit schemes) while abroad holdings climbed steadily: 320t (Mar 2019), 361t (Mar 2020), 403t (Mar 2021), peaking at 453.52t in March 2022. The overseas share peaked even earlier at 60.7% in September 2021, when the RBI was buying gold at a record pace but storing virtually none of it on Indian soil.

The Repatriation Turn (2022-Present)

The freezing of Russia's overseas forex reserves by Western nations in February 2022 triggered a global rethink about storing sovereign assets abroad. The RBI's response was decisive. Starting H1 FY2023, overseas holdings began falling: 447t (Sep 2022), 437t (Mar 2023), 388t (Sep 2023), 324t (Sep 2024), and 290t by September 2025. In total, 163 tonnes have been brought home from BoE and BIS vaults. Simultaneously, domestic holdings surged from 292t to 590t, growing by 298 tonnes.

Gold Deposit Schemes

A lesser-known component of the RBI's gold holdings is gold received under deposit schemes from banks and the public. These deposits were first separately disclosed in the 35th half-yearly report (Sep 2020) at 9.04 tonnes and peaked at 56.32 tonnes (Mar 2023) before declining to 13.99 tonnes by September 2025. Gold deposits are included in the total holdings figure but are distinct from physical gold the RBI owns outright. They represent gold mobilised from the domestic economy, and their fluctuation reflects maturing deposits being returned alongside new deposits being received.

Strategic Implications

The reversal from 61% overseas to 33% represents a fundamental shift in India's reserve management philosophy. By holding more gold domestically, the RBI reduces counterparty risk and insulates reserves from potential sanctions or asset freezes. India's repatriation mirrors actions by other central banks (Germany, Netherlands, Turkey) that brought gold home after 2013. If the current trajectory continues, the RBI could bring overseas holdings below 250 tonnes within the next year, with domestic storage exceeding 70% of total gold reserves.

Source: RBI half-yearly reports on management of foreign exchange reserves. Analysis by metalspread.com

How to Read RBI Reserves Data

Tonnes. Physical gold held by RBI. Steady increases indicate active accumulation by the central bank. India’s reserves have grown significantly over the past decade as RBI diversifies away from dollar-denominated assets.

USD value. This fluctuates with both holdings and the gold price. A value increase does not always mean more buying — it could simply be price appreciation of existing reserves. Compare with the tonnes chart to separate volume changes from price changes.

Gold share %. Gold as a percentage of total forex reserves. A rising share means RBI is diversifying away from USD and bonds toward gold — a trend shared by many emerging-market central banks.

YoY change. Year-over-year comparison strips out short-term noise and seasonal patterns. Look for the trend across multiple quarters rather than individual weekly data points.

Thumbnails. Click the different chart types (Tonnes, USD, INR, Gold Share) to see different perspectives of the same underlying data. Each view highlights a different aspect of RBI’s gold strategy.