India's gold reserves rise by $342 million, forex stands at $699.736 billion: RBI

NEW DELHI — The country’s gold reserves grew by $342 million during the week, reaching $84.846 billion, according to the latest weekly data released by Reserve Bank of India (RBI) on Friday.

Along with gold, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $39 million to $18.868 billion.

Additionally, India’s reserve position with the IMF also rose by $107 million to $4.735 billion, the data showed.

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This uptick in reserves comes at a time when both domestic and global bullion markets are witnessing a sharp rally.

India's forex reserves stood at $699.736 billion in the week ended July 4, the RBI said. In the previous reporting week, the overall reserves had jumped by $4.849 billion to $702.784 billion. The reserves had touched an all-time high of $704.885 billion in end-September 2024.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

On Friday, gold and silver prices in India rose significantly, with silver prices hitting a new all-time high.

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold climbed INR 465 to INR 97,511 per 10 grams, up from INR 97,046 a day earlier.

The 22-carat gold rose to INR 89,320 per 10 grams, and 18-carat gold reached INR 73,133 per 10 grams.

Meanwhile, silver prices surged INR 2,356 in the last 24 hours, setting a new record of INR 1,10,290 per kilogram, breaking the previous all-time high of INR 1,09,550 recorded on June 18.

Globally, precious metals were also trading higher. Gold rose 1.01 per cent to $3,358 per ounce, while silver jumped 2.92 per cent to $38.40 per ounce.