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Gold Reserves
876.2t
Reserve Value
$81.69B
% of Reserves
11.4%
YoY Change
+82.2t
Est. Purchase Cost
$7.66B
Gold/Currency Ratio
5.56%
India accumulates gold to reduce dollar dependence, hedge inflation, and enhance reserve durability amid border tensions and global volatility. Rapid buying supports rupee stability and cultural affinity for gold. This aligns with emerging market shifts toward multipolarity.
Notable Activity
India added 82.2 tonnes year-over-year as a top purchaser.
Key Motivations
What this means
The gold/currency ratio measures how much of a country's money supply is "backed" by gold reserves. A higher ratio suggests stronger implicit gold backing of the currency. This country has relatively strong gold backing compared to peers.
Bullion Fear & Greed Index
Was the market fearful or greedy when India was buying? Central banks often buy gold during market fear — the opposite of retail.
Gold/Silver Ratio
Central banks buy gold, not silver. Track the gold/silver ratio to understand relative value between the two metals.
Mining ETFs
Central bank buying supports gold prices, which flows through to mining company valuations. Track GDX, GDXJ, and miner sentiment.
Data Sources
Gold holdings from IMF International Financial Statistics (IFS) and World Gold Council. M1 money supply from FRED and IMF. Geopolitical context enriched monthly. Last updated: 2026-03-31.