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Gold Reserves

Context

RBI buys 32.63 tonnes of gold in the first half of FY25.

About India’s Gold Reserves

  • RBI holds73 metric tonnes of gold, of which 510.46 metric tonnes were held domestically & 324.01 metric tonnes of gold were kept in safe custody with the Bank of England and the Bank for International Settlements (BIS).
  • As of September 2024, the share of gold in the total foreign exchange reserves is about32%.
  • Top Gold Reserve Holding Countries:
    • United States (8,133.46 tonnes)
    • Germany
    • Italy
    • France
    • India (8th)
  • Top Gold Producers: China, Australia, Russia, Canada, USA.
  • Karnataka is the largest producer of gold in India.
    • Hutti Gold Mines (Karnataka) is the only producer of primary gold in the country.

UPSC PYQ

Q. Consider the following statements: (2023)

Statement-I: Switzerland is one of the leading exporters of gold in terms of value.

Statement-II: Switzerland has the second largest gold reserves in the world.

Which one of the following is correct in respect of the above statements?

(a)    Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I.

(b)    Both Statement-1 and Statement-II are correct and Statement-II is not the correct explanation for Statement-I.

(c)    Statement-l is correct but Statement-II is incorrect.

(d)    Statement-I is incorrect but Statement-II is correct.

Answer: C

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Piyush
Piyush
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