2000 – 2008
Frozen
Reserves stayed flat at about 357.7 t for nearly a decade — no buying.
The Big Picture
The Story in Three Phases
Two decades of standing still, one decisive purchase, then a sustained build-up.
2009
One-off Jump
RBI bought 200 t from the IMF for ~$6.7 bn, lifting reserves to 557.7 t.
2018 – 2026
Steady Build-up
Sustained accumulation from 557 t to 880 t, plus repatriation to domestic vaults.
Year by Year
Vertical Timeline · 2000–2026
Each year's official tonnage, change and the reason behind it. The line fills as you scroll.
Reference Data
Year-by-Year Data Table
Calendar year-end tonnage (World Gold Council / IMF basis).
| Year | Gold (t) | Change (t) | Change (%) | Reason / Event |
|---|
History
Has the Government Ever Swapped or Pledged Gold?
| Year | Event | Quantity | Type | Outcome |
|---|---|---|---|---|
| 1991 (a) | 47 t airlifted to Bank of England as loan collateral | 47 t | Pledge | Returned after repayment |
| 1991 (b) | 20 t to Union Bank of Switzerland (sale-with-repurchase, ~$200M) | 20 t | Gold swap | Repurchased |
| 2009 | Purchase from IMF (acquisition) | +200 t | Purchase | Permanent addition |
| 2024 | Repatriation from Bank of England vaults to India | 100+ t | Relocation | Stored in RBI vaults |
- The 1991 crisis is the only major pledge/swap — forex reserves had fallen below $1 bn (~3 weeks of imports). 67 t total pledged, airlifted 21–31 May 1991, repaid the same year.
- The "200 t secretly moved to Switzerland in 2014" claim was fact-checked FALSE.
- RBI denied 2025–26 gold-sale rumours; stock steady at 880.52 t.
Custody
Where the Gold Is Held · 2025–26
- 880.52 t Total holdings (unchanged through May 2026)
- ~58% Domestic — RBI vaults in Nagpur & Mumbai (512 t, Mar 2025; now the majority)
- ~40% Abroad — Bank of England & BIS custody (349 t, Mar 2025)
- ₹15,622 / g 24K gold rate · ₹1,56,220 per 10g (live, 4 Jun 2026)
Value & Context
What the Gold Is Worth & How India Ranks
Tonnage barely moved in 2025–26, yet the gold's value and its share of reserves jumped — driven by the surge in the gold price. Latest figures are RBI's, week ending 22 May 2026.
- $114.8 bn Value of RBI's gold in forex reserves (RBI, 22 May 2026)
- 16.85% Gold's share of forex reserves (22 May 2026), up from 9.3% in Sep 2024
- $681.4 bn India's total foreign exchange reserves (22 May 2026)
- ≈ 8th India's rank among the world's official gold holders
- Value vs tonnage: the rupee value of RBI's gold rose about 64% in FY 2025-26 (year to 31 Mar 2026) — driven almost entirely by the gold-price surge, not by buying, since tonnage was nearly flat.
- Why it matters: rising gold prices swell RBI's Currency & Gold Revaluation Account (CGRA), strengthening its balance sheet and its surplus transfer to the government.
- Why hold gold: a hedge against US-dollar and inflation risk, and geopolitical insurance — a driver behind the 2024 repatriation of gold to Indian vaults after Russia's reserves were frozen abroad in 2022.