National News
RBI bought 6 tonnes of gold and likely sold $ 7 bn worth US treasury secs
The Reserve Bank bought almost six tonnes of gold and likely sold $ 7 billion worth US treasury securities this April in what seems to be its strategy of diversifying its forex reserves management.
The Reserve Bank bought almost six tonnes of gold and likely sold $ 7 billion worth US treasury securities this April in what seems to be its strategy of diversifying its forex reserves management.
The value of India’s – essentially the Reserve Bank of India’s – US treasury securities dipped $ 7.1 billion in April to take the value of outstanding US treasury securities’ (USTs) exposure to $233.5 billion at the end of the month, according to the data released by the US treasury department late on Tuesday.
In comparison, India bought about $ one billion worth of USTs in April of 2023 and the stock of gold was almost flat at 794 tonnes in the same period.
The RBI’s strategy is in line with that of the other major central banks globally who have been accumulating gold and discarding dollar denominated assets as the geopolitical tensions escalate. Foreign central banks have lowered their exposure to the USTs by $30 billion, the data released by the US Treasury department shows.
On the other hand, central banks globally bought a record 290 tonnes of gold in the January-March quarter with Chinese and Turkish central banks accounting for the maximum purchases during the quarter, data from the World Gold Council indicates.
The Reserve Bank has started to accumulate gold regularly from the market since December 2017, but has intensified its pace of accumulating over the past two years amidst rising geopolitical tensions
“We are building up gold reserves, the data is released from time-to-time” said RBI governor Shaktikanta Das at the post policy media conference on April 5. “All aspects while building up the reserves are assessed and then we make a decision.”
Source:ECONOMIC TIMES
Gold and silver prices on India’s MCX (Multi Commodity Exchange) are trading cautiously
They are following the ups and downs in global prices.This is because the latest FOMC minutes (from the US Federal Reserve’s January meeting) showed a more cautious (“hawkish”) view on future interest rate policies. Some officials want to pause rate cuts or even raise rates if inflation stays high. This reduced expectations for big rate cuts soon.
In early trading today, MCX gold went back above Rs 1.56 lakh per 10 grams. MCX silver is trading between Rs 2.44 lakh and Rs 2.46 lakh per 1 kg. Both metals are a little higher overall.
On the global side, spot gold dropped and is struggling around $4,960 per ounce.The FOMC notes showed Fed officials were divided. Some want to hold off on more rate cuts for now, but they might restart easing later if inflation gets better. Others even talked about possible rate hikes. They wanted the post-meeting statement to show both possibilities for future rates. Because of this, traders now expect fewer rate cuts.
Attention is now on important US data coming this week, like GDP and PCE (inflation measures).Short-term demand for gold and silver has also slowed because of China’s Lunar New Year holiday. Trading activity is low, and many investors are away. At the same time, geopolitical risks with Iran have come up again, with reports saying any US military action could last weeks after talks did not fully succeed.
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