For the first time ever, the value of India’s gold reserves has breached the $100 billion mark—a milestone spurred not by large new purchases but by the global rally in gold prices. In the week ending October 10, the Reserve Bank of India (RBI) saw its gold holdings gain $3.595 billion in valuation, reaching $102.365 billion, while its total foreign exchange reserves dipped by $2.18 billion to approximately $697.784 billion. 
Gold now accounts for 14.7 percent of India’s total reserves—the highest proportion since 1996-97. Over the past decade, gold’s share in the reserves has more than doubled (from under 7 percent) thanks to both gradual accumulation and sharp price appreciation. 
Interestingly, despite this massive valuation jump, the RBI’s active gold purchases have slowed sharply in 2025. From January through September, it added just 4 tons—far less than the ~50 tons it acquired in the same period in 2024.
This turn of events underscores how valuation gains—rather than fresh accumulation—can significantly reshape reserve portfolios during volatile markets. At the same time, with forex reserves under pressure, gold is emerging as a more robust pillar in India’s reserve strategy.