According to a report by the World Gold Council, the Reserve Bank of India sold a total of 12.1 tonnes of gold in the July-September quarter. This is the first time in a decade that the central bank has sold gold instead of buying it. The bank bought 141.9 tonnes of gold in the September quarter of 2019.
It sold 12 tonnes of gold in the September quarter of 2020. The central bank of India as well as the central banks of many countries are selling gold from their own stocks in this way. The central banks of countries like Uzbekistan and Turkey have done this on a very large scale. Russia’s central bank also made a net sale in the September quarter after 13 years, according to the World Gold Council.