The Reserve Bank of India (RBI) has dismissed reports suggesting that it is selling part of its gold reserves, emphasizing that its physical gold holdings have remained unchanged.
According to the latest data published in the RBI’s monthly bulletin, the country's gold reserves stood at 880.52 tonnes in April and have remained at the same level since then.
In an official statement, the central bank confirmed that its gold holdings have remained unchanged “so far,” refuting speculation about any recent sales of the precious metal.
Separately, India’s government information office stated in a post on X that gold’s share of the country’s foreign exchange reserves rose to 16.7% as of March 31, up from approximately 14% at the end of September. The increase highlights the growing importance of gold within India’s reserve portfolio.
The clarification came in response to a report released by Bloomberg Economics, which estimated that the RBI may have sold about $12 billion worth of gold during the two weeks ending May 22 while simultaneously purchasing approximately $7.5 billion in foreign currency assets.
However, official data released by the Reserve Bank of India showed no decline in the volume of gold reserves, effectively rejecting claims that the central bank had reduced its gold holdings during the period in question.
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