The Reserve Bank of India (RBI) was the sixth largest gold buyer abroad in the year 2019, as per the World Gold Council (WGC) report titled, “World Gold Outlook 2020”. The RBI currently holds 625.2 tonnes of gold, which is 6.6 percent of its forex reserves.
RBI bought 7.5 tonnes of gold in October 2019, to increase its foreign exchange reserves to $450 billion. The central banks of China, Russia, Kazakhstan, Turkey, Poland bought more than India in 2019 respectively.
The report is a compilation of lists that rank 28 cities around the world to purchase luxury goods and services. Out of 28 cities, Mumbai was ranked as the cheapest city for purchasing luxury goods and services, while Hong Kong was found to be the most expensive.