UPSC Practice recommends RBI’s hoard of gold now almost 800 tonnes: What’s behind the gold rush by central banks?.
Experts believe that RBI has been seeking to diversify its overall reserves, a strategy driven by negative interest rates in the past, the weakening of the dollar, and growing geopolitical uncertainty. Central banks in Singapore, China, and Turkey too have been buying gold. In calendar year 2022, central banks around the world purchased a record 1,136 tonnes of gold. Read more
Courtesy: Explained | The Indian Express