What Does It Mean When RBI Transfers 100 Tonnes of Gold From the UK to India?

More than 100 tons of gold have been transferred from the UK to the domestic vaults of the Reserve Bank of India (RBI). According to a Times of India story, this is the first time the valuable yellow metal has been added to the domestically owned supply at this size, at least since early 1991. According to the article, the Indian central bank will also be delivering a comparable amount of gold to the nation in the upcoming months. The move to India was made for various storage and logistical reasons, according to the newspaper, which cited sources. By the end of March 2024, 408.31 tonnes of the 822.10 tons of gold held by the RBI were kept domestically. Global central banks have been expanding their gold reserves, frequently