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The Reserve Bank of India (RBI) reduced its gold purchases in 2023, marking the lowest level since it began accumulating gold in 2017, due to a strong US dollar. By December 2023, the RBI s gold holdings increased to 25.84 million troy ounces, up from 25.32 million troy ounces a year earlier. This slight increase contrasts with previous years when larger quantities were added. The RBI s gold accumulation strategy, initiated in 2017, aimed to diversify its foreign exchange reserves.