India’s RBI Cut US Debt, Bought Gold Even Before Trump’s Tariffs

India’s central bank steadily reduced its purchases of US Treasuries and increased gold buying even before President Donald Trump slapped the country with punishing tariffs, as the country diversifies away from what was once seen as a safe haven asset.

Latest data from the US Treasury Department show India’s investment in Treasuries slipped to $227.4 billion in June from $235.3 billion in May and about $242 billion a year earlier. Separate figures show the Reserve Bank of India has also increased its gold holdings.

India’s finance minister said last week the RBI was taking a “very considered decision” to diversify ...