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All central banks
IndiaIN · Rank #8

India gold reserves.

AsiaUpdated 2025-12-31
Gold reserves
880.2 t
Reserve value
$81.22B
% of reserves
19.4%
YoY change
+82.2t
Est. purchase cost
$7.58B
Gold backing
11.89%
History

Holdings, flows, and spot value over time

Gold Holdings (Tonnes)

Reserve Value (USD Billions)

Annual Net Purchases / Sales (Tonnes)

Gold as % of Foreign Reserves

Context

Geopolitical backdrop

India, as a BRICS member, shifts from US Treasuries to gold for de-dollarization and reserve diversification amid geopolitical tensions.[2]

Notable activity
No change year-over-year at 0 tonnes in provided data, though actual holdings are substantial with ongoing accumulation trends.[2][user data]
Key motivations
De DollarizationReserve Diversification
Currency

Gold backing analysis

Gold / M1 money supply11.89%
What this means

A rough measure of how much of the country's M1 money supply the market value of its gold could cover. Higher ratio ⇒ stronger implicit gold backing. This country has relatively strong gold backing compared to peers.

M1 money supply: $683.00B · IMF / central bank / FRED
Peers

Compare with similar countries

Countries in the same region or a roughly comparable size of reserves.

🇦🇹
Austria
Rank #21
Gold280 t
% Reserves69.7%
YoY0.0t
🇨🇭
Switzerland
Rank #7
Gold1,039.9 t
% Reserves15.2%
YoY0.0t
🇨🇳
China
Rank #6
Gold2,306.3 t
% Reserves9.6%
YoY+57.3t
🇪🇸
Spain
Rank #20
Gold281.6 t
% Reserves20.0%
YoY0.0t
🇫🇷
France
Rank #4
Gold2,437 t
% Reserves81.8%
YoY-0.5t
Related

Indicators that pair with central bank flows

Bullion Fear & Greed

Was the market fearful or greedy while India was buying? Central banks accumulate in fear — the opposite of retail.

Gold / Silver ratio

Central banks buy gold, not silver. Track the ratio between the two and see when a swap is statistically favoured.

Macro Playbook

What gold, silver, and miners have historically done when macro rules (HY spreads, curves, housing) fire.