Analysts at the World Gold Council said India’s central bank may have increased its gold reserves last month in almost two years.
Krishan Gopaul posted on social media platform 37 tons.
Central bank buying has been the main driver of gold’s rise this year, with prices hitting a record high in May. The size of purchases has been a major focus and question mark in the market because they can be delayed or not fully reported.
A recent survey by the World Gold Council showed that many central banks still plan to buy gold in the coming year as rising geopolitical and financial risks make holding gold more attractive. The survey showed that about 20 companies planned to increase their stakes, but the survey did not reveal which countries were expected to buy.
India has been a major buyer of gold in recent years, along with countries such as China and Türkiye.
According to a report by The Times of India in May, the Reserve Bank of India also shipped 100 tons of gold from the UK back to its domestic vaults.
