India’s gold reserves have hit a historic milestone, crossing the $100 billion mark for the first time, according to the Reserve Bank of India’s latest data. The record comes on the back of a global gold price rally, even as the central bank’s gold purchases have slowed sharply this year.
As of October 10, India’s gold holdings rose by $3.6 billion to $102.37 billion, while total foreign exchange reserves dipped slightly to $697.78 billion. Gold now makes up 14.7% of India’s total reserves — the highest share since the late 1990s.
Over the past decade, gold’s portion in India’s foreign exchange reserves has nearly doubled, climbing from below 7% to almost 15%. This growth reflects a combination of steady central bank accumulation and skyrocketing bullion prices.
Interestingly, the Reserve Bank of India (RBI) has turned more cautious this year, purchasing gold in only four of the first nine months of 2025, compared to almost monthly acquisitions in 2024. According to World Gold Council data, the central bank bought just 4 tons of gold between January and September — far less than the 50 tons acquired during the same period last year.
“Much of the increase in gold’s share within India’s reserves comes from valuation gains due to rising gold prices,” said Kavita Chacko, Research Head for India at the World Gold Council.
Gold prices have surged nearly 65% in 2025, fueled by a potent mix of macroeconomic uncertainty, geopolitical tension, and institutional diversification. Around the world, central banks continue to stockpile gold to diversify away from the US dollar, a trend accelerated by sanctions, de-dollarization efforts, and global risk aversion.
As the world’s second-largest consumer of gold, India’s relationship with the metal extends far beyond its reserves. Deeply woven into the country’s culture, gold remains both a symbol of prosperity and a trusted investment, bridging the gap between tradition and modern financial strategy.
