India’s central bank, the Reserve Bank of India (RBI), has returned 102 tonnes of gold from the Bank of England to Indian soil during Dhanteras, boosting its domestic reserves amid rising geopolitical tensions, according to reports. The transfer, conducted under strict confidentiality and reinforced security, is part of the RBI’s broader plan to repatriate India’s gold reserves.

As of September, India’s gold reserves total 855 tonnes, with 510.5 tonnes now housed domestically. This recent shipment follows a similar one in May, when 100 tonnes were transferred from the UK, marking the largest repatriation of gold by India since the 1990s. Altogether, 214 tonnes have returned to India since September 2022, underscoring the country’s focus on securing assets rather than using them as collateral, as in prior financial crises.

Presently, 324 tonnes of India’s gold remain stored with the Bank of England and the Bank for International Settlements, institutions known for secure storage and the liquidity advantages of London’s bullion market. Nonetheless, recent global instability has shifted India’s approach toward maintaining assets closer to home.

Gold now makes up 9.3% of India’s foreign reserves, up from 8.1% in March, as demand rises amid global tensions, including conflicts in the Middle East. In Mumbai, gold prices have surged to ₹78,745 ($936.50) per 10 grams, with projections indicating a potential rise to ₹85,000 per 10 grams by 2025 as investors increasingly view gold as a stable asset.

Indian consumers maintained high levels of gold purchases despite record prices during the Dhanteras and Diwali festivals, driven by expectations of future gains amid cooling stock markets. Saurabh Gadgil, chairman of PNG Jewellers, noted robust demand for gold and silver coins and bars due to the favorable returns compared to equities. Local prices for both metals reached all-time highs last week, and the sustained demand could widen India’s trade deficit, putting pressure on the rupee.

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