India’s central bank probably increased its gold reserves by the most in almost two years last month, according to a World Gold Council analyst.

The Reserve Bank of India added more than nine tons in June, based on calculations using weekly data from the bank, Krishan Gopaul said in a post on social medial platform X. That’s the most since July 2022, and means India’s reserves have expanded by 37 tons this year to 841 tons, he said.

Central bank buying has been a key driver of bullion’s rally this year that sent prices to a record in May. The size of purchases has been a big focus and question mark for the market, as they can be delayed or not reported fully.

A large number of central banks still planned to buy gold in the coming year, spurred by heightened geopolitical and financial risks that make owning the metal more attractive, according to a recent survey by the WGC. About 20 planned to raise their holdings, according to the survey, which didn’t disclose which nations expect to buy.

India has been a major buyer of gold in recent years, alongside countries such as China and Turkey. 

The Reserve Bank of India also moved 100 tons of its gold from the UK back to its domestic vaults, the Times of India reported in May.

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