The government on Wednesday rejected a media report which had claimed that the Reserve Bank of India may have sold around $12 billion worth of gold reserves, in response to the fallout of the Middle East conflict.
The report alleged that the RBI had offloaded a substantial part of its gold holdings during the two weeks ending May 22 in order to shield its foreign currency assets from geopolitical jitters.
The Press Information Bureau, however, has posted on X that the claim was inconsistent with publicly disclosed RBI data. It has subsequently called the report 'fake'.
According to latest data available in RBI, the share of gold in India's forex reserves have risen consistency - from 13.92% at end September 2025 to 16.7% as of March 31, 2026. It rose further to 16.85% as of May 22, 2026 - the period mentioned in the original report.
The PIB also noted that the physical stock of gold held by the RBI is disclosed in its Monthly Bulletin, the latest edition of which is available on the RBI website, and that the status remains unchanged as of date. The figure has been clarified by the Reserve Bank of India as well.
ALSO READ: Gold Rebounds To Rs 1.61 Lakh/10g As Weak Dollar Revives Bullion Demand
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
