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NEW DELHI: The Reserve Bank of India (RBI) connected Wednesday dismissed study claiming that it whitethorn person sold golden worthy astir $12 cardinal to bolster overseas speech reserves and enactment the rupee amid economical pressures linked to the ongoing US-Iran conflict.In a property release, RBI said, "The Reserve Bank of India (RBI) has travel crossed reports successful definite sections of the media astir RBI’s merchantability of gold. The RBI emphasises that these reports are not correct. In this context, it is clarified that the carnal banal of golden is disclosed by the RBI successful its Monthly Bulletin. The latest variation is disposable connected the RBI website, and the carnal banal of golden remains unchanged astatine 880.52 tonnes arsenic of date.
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The connection further said, "Members of the nationalist are, therefore, advised to trust connected authoritative accusation published by the RBI from clip to clip successful specified matters."Later, the Press Information Bureau (PIB) besides issued a information cheque station connected the Bloomberg report. Citing RBI it said the cardinal bank's golden stock successful overseas speech reserves had successful information increased. The clarification yet contradicted the claims that RBI had reduced its holdings.
In a station connected X, PIB said, "A quality study published by Bloomberg states that RBI whitethorn person sold golden amounting to astir $12 billion. This assertion is fake."
Citing RBI figures, the fact-check portion said: "According to RBI, the stock of golden successful India's overseas speech reserves roseate from 13.92 per cent astatine end-September 2025 to 16.70 per cent connected March 31, and further to 16.85 per cent arsenic of May 22."PIB further noted that the cardinal slope continues to disclose its carnal golden banal done its Monthly Bulletin and said the presumption of those holdings remains unchanged."The carnal banal of golden is besides disclosed by the RBI successful its monthly bulletin. The latest variation is disposable connected the RBI website, the presumption of which remains unchanged arsenic of the date," it said.
Bloomberg's study dismissed arsenic fake
The clarification came aft a study based connected an appraisal by Bloomberg Economics suggested that the RBI whitethorn person sold a information of its golden reserves during the 2 weeks ending May 22.According to a elder India economist astatine the agency, Abhishek Gupta, publically disposable information appeared to bespeak that the cardinal slope sold golden worthy astir $12 cardinal portion simultaneously adding astir $7.5 cardinal to its overseas currency assets.The appraisal argued that the worth of RBI's bullion holdings should ordinarily person risen due to the fact that of higher import duties connected gold. Gupta said the evident diminution successful gold-related assets contempt those conditions pointed to imaginable golden income by the cardinal bank.The study linked the alleged determination to concerns implicit rising crude lipid prices, superior outflows and unit connected India's overseas speech reserves stemming from instability successful the Middle East and disruptions to shipping routes done the Strait of Hormuz.
It besides suggested that policymakers whitethorn person preferred to clasp much readily deployable overseas currency reserves arsenic the existent relationship shortage widened and unit connected the rupee increased.As of the extremity of March 2026, the RBI held 880.52 metric tonnes of gold. The cardinal bank's half-yearly overseas speech study released successful April showed that astir 77 per cent of those reserves were stored wrong India, up from 66 per cent six months earlier, reflecting a broader inclination of expanding golden repatriation.The RBI has said astir of its overseas golden holdings are maintained with the Bank of England and the Bank for International Settlements. The determination towards holding a larger stock of reserves domestically mirrors a wider displacement among respective emerging-market cardinal banks pursuing concerns implicit the freezing of Russian assets aft the Ukraine conflict.
