Key Points

Along with gold, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $39 million to $18.868 billion.

Additionally, India’s reserve position with the IMF also rose by $107 million to $4.735 billion, the data showed.

This uptick in reserves comes at a time when both domestic and global bullion markets are witnessing a sharp rally.

India's forex reserves stood at $699.736 billion in the week ended July 4, the RBI said. In the previous reporting week, the overall reserves had jumped by $4.849 billion to $702.784 billion. The reserves had touched an all-time high of $704.885 billion in end-September 2024.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

On Friday, gold and silver prices in India rose significantly, with silver prices hitting a new all-time high.

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold climbed Rs 465 to Rs 97,511 per 10 grams, up from Rs 97,046 a day earlier.

The 22-carat gold rose to Rs 89,320 per 10 grams, and 18-carat gold reached Rs 73,133 per 10 grams.

Meanwhile, silver prices surged Rs 2,356 in the last 24 hours, setting a new record of Rs 1,10,290 per kilogram, breaking the previous all-time high of Rs 1,09,550 recorded on June 18.

Globally, precious metals were also trading higher. Gold rose 1.01 per cent to $3,358 per ounce, while silver jumped 2.92 per cent to $38.40 per ounce.

Analysts point to global economic uncertainty and fresh concerns over trade tariffs as the main reasons for the shift toward safe-haven assets like gold.

- IANS