The Reserve Bank of India (RBI) clarified that its physical gold stock remains steady at 880.52 tonnes, refuting claims of any gold sales. Media reports suggesting the central bank had sold part of its gold reserves were deemed incorrect by the RBI. The central bank emphasized that the information on its gold holdings is regularly disclosed in its Monthly Bulletin available on the RBI website.
The RBI urged the public to rely solely on official information released by the central bank regarding such matters. This clarification followed a Bloomberg report alleging that the RBI might have decreased its gold holdings to safeguard foreign-currency reserves amidst the West Asia conflict. The report indicated a potential sale of gold reserves worth approximately $12 billion, alongside foreign-currency assets purchases of $7.5 billion.
According to the report, the RBI’s actions in the foreign exchange market seemed to bolster the rupee, aiding the Indian currency’s performance compared to other Asian currencies since May 20, when it hit a historic low.
