RBI gold reserves: 77% held in India by March 2026

The RBI’s latest shift in gold custody

The Reserve Bank of India (RBI) increased the share of its gold reserves held within the country to 77.23% as of end-March 2026, according to its latest disclosures. The change marks a sharp rise from 59.2% a year earlier. RBI’s latest Half-Yearly Report on Management of Foreign Exchange Reserves, released on Thursday, details both the location and composition of the central bank’s gold holdings. The figures matter because gold is a key part of India’s reserve assets and custody decisions can reflect risk management priorities. The report shows that the recent move is mainly about relocating bullion rather than meaningfully expanding the overall quantity held. The same period also saw a rise in the value and share of gold within India’s foreign exchange reserves.

What the report says about gold held in India

As of end-March 2026, the RBI held 880.52 metric tonnes of gold, of which 680.05 metric tonnes were held domestically. This took the domestic custody share to 77.23% of total gold reserves. Six months earlier, by end-September 2025, the RBI held 575.82 metric tonnes domestically, which was 65.4% of the total at that time. The increase in locally stored gold over this six-month window was about 104 metric tonnes. The data suggests a significant operational shift in where gold is stored, rather than a major change in total holdings. The RBI’s disclosure also breaks out the remainder by overseas custody and gold deposits.

Overseas custody and gold deposits: the split

The RBI reported that 197.67 metric tonnes of gold were kept in safe custody with the Bank of England and the Bank for International Settlements (BIS) as of end-March 2026. In addition, 2.80 metric tonnes were held in the form of gold deposits. For end-September 2025, the data shows 290.37 metric tonnes were held with the Bank of England and BIS, and 13.99 metric tonnes were in gold deposit arrangements. Over the six months to March 2026, this indicates a reduction in overseas custody and a lower amount shown under gold deposits. The report frames the key change as a relocation of gold towards domestic vaults.

How much gold moved in the six months to March 2026

During the six-month period ending March 2026, the RBI brought home 104.23 metric tonnes of gold. Over the same period, the holdings with the Bank of England and BIS reduced to about 197.6 metric tonnes at end-March 2026 from around 290 metric tonnes at end-September 2025, based on RBI’s figures. This aligns with the increase in gold held in India from 575.82 metric tonnes to 680.05 metric tonnes. The numbers point to a clear acceleration in repatriation across the second half of FY26. The report’s end-March figures consolidate this transition into a higher domestic share.

Why the onshoring push picked up pace

The article links the move to broader concerns about storing sovereign assets overseas amid geopolitical risks. It notes that the acceleration in gold repatriation began after the Russia-Ukraine war and the Taliban’s takeover of Afghanistan. These events were cited in the context of G7 countries seizing the foreign currency reserves of Russia and Afghanistan. Against that backdrop, shifting custody to domestic vaults can be read as a risk-control choice about access and control over reserve assets. The RBI’s disclosures do not claim a single trigger, but the timeline described connects the pace of repatriation with a changed global environment.

The longer trend since March 2023

RBI data cited in the article shows that in March 2023, 301.1 metric tonnes of gold, or 37% of total gold reserves, was held domestically. By September 2025, domestic holdings had risen to 575.82 metric tonnes, taking the share to 65.4%. By March 2026, the share moved further up to 77.23% with 680.05 metric tonnes held inside India. The trend illustrates a sustained move over multiple reporting periods, with a particularly large shift in the six months to March 2026. The composition across domestic vaults, overseas custody, and deposits has also changed over time, as reflected in the lower deposit figure reported for March 2026.

Gold’s rising weight inside forex reserves

Along with custody changes, the report highlights shifts in gold’s share within the overall foreign exchange reserves portfolio. In value terms, gold’s share in India’s foreign exchange reserves rose to 16.7% at end-March 2026, up from 13.92% at end-September 2025 and 11.7% at end-March 2025. The article attributes this change to valuation gains and portfolio rebalancing. Separately, the RBI reported that as of March 27, 2026, India’s total foreign exchange reserves were $188 billion and the value of gold reserves was $113.5 billion. These figures provide the broader reserve context in which the gold custody decisions are being made.

Key figures table: September 2025 vs March 2026

Market impact: what changes and what does not

The most direct impact in the data is operational rather than numerical. Overall gold holdings were broadly stable at end-March 2026 (880.52 tonnes) compared with end-September 2025 (880.18 tonnes), indicating the shift was mainly a relocation. The rebalancing of custody reduces the proportion held with overseas institutions such as the Bank of England and BIS. In parallel, the value-side impact is visible in gold’s higher share of forex reserves, rising to 16.7% by end-March 2026 from 13.92% six months earlier. The reported $113.5 billion valuation of gold reserves, alongside total forex reserves of $188 billion as of March 27, 2026, underscores gold’s material contribution to the reserve mix. For investors and policymakers tracking macro stability, the data signals both a greater emphasis on gold within the portfolio and greater reliance on domestic custody.

Analysis: why this disclosure matters for India’s reserve strategy

The custody shift shows how reserve management is adapting to a world where access risk and sanctions risk are part of the conversation. Holding more gold domestically increases the RBI’s direct control over physical bullion, while reducing dependence on overseas custodians. The timing described in the article connects the acceleration to post-2022 geopolitical events, particularly episodes where countries faced constraints on overseas assets. At the same time, the rising share of gold in forex reserves from 11.7% (end-March 2025) to 16.7% (end-March 2026) highlights gold’s growing role in India’s reserve composition during a period of changing global conditions. The RBI’s reported actions in the six months to March 2026, moving 104.23 tonnes back to India, represent a sizable step in that direction.

Conclusion: higher domestic custody, steady overall holdings

RBI’s latest half-yearly report shows a clear increase in the share of gold held within India to 77.23% by end-March 2026, with domestic holdings rising to 680.05 tonnes. The overall stock of gold remained roughly unchanged, suggesting the headline development is a custody relocation rather than fresh buying. Gold’s share in the value of forex reserves also rose to 16.7% by end-March 2026, alongside reported total forex reserves of $188 billion and gold reserves valued at $113.5 billion as of March 27, 2026. The next update to watch will be future RBI reserve management disclosures that confirm whether the onshoring pace continues and how the gold share in reserves evolves.