RBI Moves 104 Tonnes of Gold to India by March 2026

India's domestic gold reserves have increased by 104.23 metric tonnes by March 2026, making up 77% of total holdings.
By Newsroom | Finance, India |

The Reserve Bank of India (RBI) has moved 104.23 metric tonnes of gold to domestic vaults during the second half of the fiscal year 2025-26, concluding in March 2026. This move represents a notable shift, increasing the proportion of gold reserves held within India.

RBI Shifts More Gold To Domestic Vaults - 1

This repatriation effort aligns with a broader international trend, where central banks are bringing gold reserves back home, often citing heightened geopolitical tensions and a desire to mitigate foreign custody risks while bolstering sovereignty.

RBI Shifts More Gold To Domestic Vaults - 2

Domestic Holdings Surge

Gold held within India rose to 680.05 tonnes as of March 2026, a substantial increase from 575.82 tonnes held at the end of September 2025. This influx means that approximately 77% of India's total gold reserves are now stored domestically. This contrasts sharply with March 2023, when less than half of the gold reserves were held within the country. The total gold holdings now stand at 880.52 metric tonnes.

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RBI Shifts More Gold To Domestic Vaults - 3

Overseas Holdings Decline

Correspondingly, gold held overseas has seen a sharp decrease. Holdings with the Bank of England and the Bank for International Settlements (BIS) fell to 197.67 tonnes by the end of March 2026, down from 290.37 tonnes six months prior. Gold deposits held abroad also dropped to 2.8 tonnes from 13.99 tonnes.

Broader Trend and Reserve Composition

The RBI's decision to repatriate a significant portion of its gold is not an isolated event. Central banks in countries like France and Serbia have also engaged in similar repatriation efforts in recent years.

The share of gold in India's foreign exchange reserves has also climbed, reaching 16.7% in March 2026. This rise is attributed to a rally in gold prices and a concurrent decline in foreign currency assets. The RBI's foreign currency assets are held in a multi-currency portfolio, primarily consisting of US dollars, euros, pound sterling, and Japanese yen. While the overall deployment pattern of these assets has seen minor adjustments, with a slight shift towards deposits with other central banks and the BIS, the central bank maintains that safety and liquidity remain the primary objectives of reserve management.

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Frequently Asked Questions

Q: Why did the RBI move 104.23 tonnes of gold to India by March 2026?
The Reserve Bank of India moved this gold to its domestic vaults to increase the amount of gold reserves held within India. This is part of a larger trend where central banks are bringing gold back home.
Q: How much gold does India hold in its reserves now?
By March 2026, India holds 880.52 metric tonnes of gold in total. Of this, 680.05 tonnes are held within India, which is about 77% of the total reserves.
Q: Where was the gold held before it was moved?
Before being moved, a significant portion of the gold was held overseas with institutions like the Bank of England and the Bank for International Settlements. These overseas holdings dropped to 197.67 tonnes by March 2026.
Q: What is the importance of holding more gold in India?
Holding more gold domestically can reduce risks associated with keeping it in foreign countries. It also increases the share of gold in India's foreign exchange reserves, which has reached 16.7% by March 2026.