The Reserve Bank of India purchased 52.3 tonnes gold in FY-19 to augment its foreign exchange reserves, according to the latest data released by the World Gold Council. With this, it has entered a league of the world’s top-10 gold holding central banks. RBI currently holds 612.6 tonnes of the metal as part of its foreign exchange reserves. Till about a month ago, the central bank was ranked 11th, but in March it added 3.7 tonnes of gold to its Forex reserves and dislodged the Netherlands from the 10th spot. The World Gold Council derives data on gold reserves from International Financial Statistics under International Monetary Fund. All signatory central banks have to provide monthly updates to the IMF on their gold purchases forming part of their foreign exchange reserves. The latest data shows the RBI’s gold holding is 6.1 per cent of its overall foreign exchange reserves.
This week commodity market Gold and Silver contracts closed with profits while Crude Oil futures contract closed with losses as follows:
GOLD 10 g” (99.9 Pure)
- In the commodity market Gold June 2019 futures contract has closed this week at ₹ 32,223. August contract will be continued from this week and August futures contract closed at ₹ 32,936 only.
- This week Gold Aug futures contract opens at ₹ 32,348 on Monday.
- Gold Highest gain ₹136 on Friday.
- No losses for the week in Aug futures contract.
- Week last day i.e. Friday Gold closed at ₹ 32,936 with the aggregate gain of ₹670. (32,936-32,266) Aug cont.
SILVER (1 KG)
- In the commodity market last week Silver July 2019 futures contract closed at ₹36,449 with an aggregate gain of ₹65 only.
- This week Silver July futures contract opens at ₹ 36,610 on Monday.
- Silver highest gain ₹264 on Monday.
- Silver highest loss ₹14 on Wednesday.
- Week last day i.e. Friday Silver closed at ₹ 37,344 with the aggregate gain of ₹895 only.
CRUDE OIL (1 BBL)
- In the commodity market last week Crude oil June 2019 futures contract closed at ₹3,775 with an aggregate loss of ₹296 only.
- This week Crude futures June contract opens at ₹ 3,696 on Monday.
- Crude Oil highest gain ₹140 on Friday.
- Crude Oil highest loss ₹106 on Wednesday.
- Week last day i.e. Friday Crude Oil closed at ₹3,722 with an aggregate loss of ₹53 only.
