India Brings Its Gold Home: RBI Repatriates 104 Tonnes from London
In one of the largest such moves since the 1991 crisis, the RBI has shifted 104 metric tonnes of gold bullion from the Bank of England to secured domestic vaults in Mumbai and Nagpur — and what it signals for every Indian gold buyer.
The trigger was the 2022 Ukraine conflict, when Western nations froze over $300 billion of Russia’s foreign currency reserves. That single event made every major central bank reconsider keeping national wealth in jurisdictions that could restrict access.
When India’s own central bank accelerates its gold accumulation at the fastest pace in history, retail investors holding gold are on the right side of that trade.
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