03 June,2026 02:24 PM IST | Mumbai | mid-day online correspondent
RBI clarifies no gold was sold. Representational Pic
The Reserve Bank of India (RBI) and the Central government on Wednesday strongly rejected reports claiming that nearly USD 12 billion worth of gold was sold to protect India's foreign currency reserves amid the ongoing tensions in West Asia.
"The RBI emphasises that these reports are not correct," the central bank said, urging the public to rely on official information released by the RBI and official government agencies on such matters.
The clarification came after reports suggested that the RBI may have sold a significant portion of its gold reserves to shield India's foreign exchange reserves from the impact of the conflict in West Asia.
One such analysis by Bloomberg Economics estimated that the RBI could have sold nearly USD 12 billion worth of gold during the two weeks ending May 22 while purchasing around USD 7.5 billion in foreign-currency assets, as per IANS reports.
However, both the RBI and the government rejected the claim, saying official data does not support the conclusion.
The Press Information Bureau's (PIB) Fact Check unit also stepped in to counter the reports, describing the claims as fake and citing official RBI data.
"According to RBI, the share of gold in India's foreign exchange reserves rose from 13.92 per cent at the end of September 2025 to 16.70 per cent on March 31, 2026, and further to 16.85 per cent as of May 22, 2026," PIB Fact Check said in a post on X.
The government noted that if large-scale gold sales had taken place, the share of gold in the country's reserves would not have shown an upward trend.
According to RBI data, India's physical gold reserves stood at around 880 metric tonnes as of April 24, 2026, largely unchanged from previous disclosures.
Officials also pointed out that the RBI regularly publishes information about its gold holdings through its Monthly Bulletin. "The physical stock of gold is also disclosed by RBI in its Monthly Bulletin. The latest edition is available on the RBI website. The status remains unchanged as on date," the PIB said.
While the quantity of gold has remained stable, the value of India's gold reserves has increased significantly over the past year due to rising gold prices. RBI data shows that the value of the country's gold reserves rose from USD 81.82 billion in early May 2025 to around USD 120.24 billion by late April 2026.
Also, the latest RBI figures show that India's total foreign exchange reserves stood at approximately USD 698.49 billion as of April 24, 2026.
The government reiterated that official RBI data remains the most reliable source of information regarding the country's reserves and monetary position.
