The Reserve Bank of India's (RBI) gold holdings stayed flat at 880.34 tonnes as of March 27, 2026, marking the third consecutive month without additions, the central bank's bulletin showed. In 2026 so far, the RBI has added just 160 kg of the yellow metal to its reserves.
The value of gold in foreign exchange reserves slumped to $113.52 billion in March from $131.63 billion in February, the steepest monthly fall on record. Gold accounted for 16.5% of total reserves at end-March.
"Gold repeatedly scaled new highs on safe-haven demand and central bank buying, but much of the gain reversed as the West Asia conflict intensified and the dollar strengthened," the RBI said. Safe-haven flows have pressured major currencies, while commodity prices including metals and gold moderated and financial market volatility spiked.
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The bulletin added that monetary policy expectations point to a possible pivot, with investors factoring in earlier-than-anticipated rate hikes by major central banks, keeping global markets highly volatile.
India ranked ninth in official gold holdings globally at end-February, behind Switzerland's 1,040 tonnes, according to World Gold Council data. Global central banks cumulatively held 36,615.8 tonnes of gold reserves as of January.
Domestic bullion prices surged, with the monthly average in Mumbai rising to Rs 154,039 per 10 gm in February from Rs 145,947 in January, and nearly doubling from Rs 84,995 a year earlier, India Bullion and Jewellers Association data showed.
On COMEX, the June gold contract was quoted at $4,707.11 per ounce, down 0.4% from Thursday's close.
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