According to an RBI report (covering October 2025–March 2026), approximately 77% of India’s total gold reserves—amounting to 880.52 tonnes—is now held domestically.
New Delhi: Amidst the conflict involving the United States, Israel, and Iran, nations are repatriating their gold reserves to their home countries. Gold that was previously safeguarded in cities like London and New York is now being packed up and returned to domestic vaults. At the heart of this “gold rush” lies a fundamental question of trust. India is moving with particular urgency in this regard, bringing the majority of its gold reserves back within its borders. This repatriation is taking place at a time when even developed nations have begun to question whether gold held abroad is truly secure or inherently risky.
How Much Gold Is Kept In India
India’s central bank, the Reserve Bank of India (RBI), has significantly accelerated the process of bringing gold back into the country from abroad. According to an RBI report (covering October 2025–March 2026), approximately 77% of India’s total gold reserves—amounting to 880.52 tonnes—is now held domestically. This means that roughly 680 tonnes are currently located within India, while approximately 197.67 tonnes remain in the custody of the Bank of England and the Bank for International Settlements. An additional 2.8 tonnes of gold are held in the form of deposits.
India Rapidly Bringing Its Gold
The pace at which gold is being brought back into the country is remarkably swift. According to a report by The Economic Times, the RBI repatriated 104.23 tonnes of gold in just six months. As recently as March 2023, only 37% of India’s gold reserves were held domestically—a figure that has since risen substantially.
A major catalyst for this move is the prevailing global geopolitical landscape, exemplified by the Russia-Ukraine war and the freezing of Afghanistan’s assets by Western nations. These events have compelled central banks to confront the reality that funds or gold held abroad could, at any moment, become inaccessible due to political decisions.
Furthermore, holding gold domestically facilitates its immediate utilization, particularly during times of crisis.
Why Was Gold Stored Abroad Previously?
Historically, India stored its gold in markets such as London primarily because trading operations are more fluid there, transactions can be executed rapidly, and there was a prevailing trust in the institutions operating within those hubs. However, with the escalating geopolitical tensions among global powers, a palpable risk has emerged: assets held abroad may not be entirely secure. Consequently, India is gradually recalibrating its strategy—retaining a portion of its gold abroad to ensure liquidity, while repatriating the larger share back into the country.
