Archive · 21 Jan 2026
RBI Gold Buying Hits 8-Year Low
The Reserve Bank of India (RBI) bought very little gold in 2025, the least in eight years.
They only bought 4.02 tonnes compared to 72.6 tonnes the year before.
Even though they bought less gold, they still have a lot, around 880.2 tonnes, which is a record.
The value of this gold is over $100 billion.
The RBI has been buying more gold over the past few years, and now gold makes up 16% of their foreign exchange reserves, up from 10% last year.
This is because gold prices have gone up a lot.
Other central banks around the world are also buying more gold, and now gold is the second-most important asset they hold, after the US dollar.
The RBI might have slowed down buying gold because they already have a lot, and gold prices are high.
Meanwhile, domestic gold exchange-traded funds (ETFs) saw a big increase in holdings, jumping 65% to 95 tonnes.
This makes Indian ETFs the sixth largest globally.
Investors are putting a lot of money into gold ETFs because they see them as a safe and regulated way to invest in gold.
The price of gold has gone up a lot, which has made more people want to invest in it.
RBI's gold purchases in 2025 fell to 4.02 tonnes, the lowest in eight years, down from 72.6 tonnes in 2024.
Total RBI gold reserves stand at a record 880.2 tonnes, with gold now making up 16% of their foreign exchange reserves, up from 10% in 2024.
The value of RBI's gold reserves is over $100 billion as of November 2025.
Domestic gold ETF holdings surged 65% to 95 tonnes in 2025, making Indian ETFs the sixth largest globally.
Net inflows into Indian gold ETFs reached $4.4 billion in 2025, up 3.4 times from $1.3 billion in 2024.
- Who
- Reserve Bank of India (RBI) and domestic gold ETF investors
- What
- RBI's gold purchases hit an 8-year low while domestic gold ETF holdings surged
- When
- 2025
- Where
- India
- Why
- Due to a measured approach in reserve management by the RBI and strong investor interest in gold ETFs driven by geopolitical and economic uncertainties, a weaker US dollar, and positive price momentum
RBI's Cautious Approach
Market Optimism
Gold Purchases
RBI's Cautious Approach
RBI reduced gold purchases to 4.02 tonnes in 2025, the lowest in eight years, due to a measured approach in reserve management and the rising proportion of gold reserves relative to total foreign exchange reserves.
Market Optimism
Domestic gold ETFs saw a 65% increase in holdings, reaching 95 tonnes, reflecting strong investor interest and a growing preference for regulated schemes.
- RBI Gold Purchases 2025
- 4.02 tonnes
- RBI Gold Purchases 2024
- 72.6 tonnes
- Total RBI Gold Reserves
- 880.2 tonnes
- Gold Share in Forex Reserves 2025
- 16%
- Gold Share in Forex Reserves 2024
- 10%
- Gold Value in Reserves (Nov 2025)
- Over $100 billion
- Global Central Bank Gold Holdings (Dec 2025)
- 32,140 tonnes
- Gold Price Increase Since 2022
- 175%
- Domestic Gold ETF Holdings 2025
- 95 tonnes
- Domestic Gold ETF Holdings 2024
- 57.5 tonnes
- Net Inflows into Indian Gold ETFs 2025
- $4.4 billion
- Net Inflows into Indian Gold ETFs 2024
- $1.3 billion
- Global Gold ETF Net Inflows 2025
- $88.5 billion
- Gold ETF AUM in India (Dec 2025)
- Rs 2 trillion
- Gold ETF AUM in India (Start of 2025)
- Rs 44,600 crore
- Gold ETF Inflows in December 2025
- Rs 11,647 crore
Sources
RBI gold buying hits 8-year low: The hidden logic behind RBI’s sudden gold slowdown
Sovereign Gold Bond early redemption opens for SGB 2020–21 Series X, returns top 175% as gold hits Rs 1.46 lakh
Gold holding of domestic ETFs surges to 6th highest globally