Ranit Kr. Singh , New Delhi — The Indian government and the Reserve Bank of India (RBI) on Wednesday officially dismissed media reports claiming the central bank sold gold reserves worth approximately $12 billion to strengthen the country's foreign exchange assets. The denial follows a Bloomberg report suggesting the RBI had liquidated a portion of its gold holdings over a two-week period ending May 22 to shield its foreign-currency reserves from geopolitical tensions in West Asia and stabilize a fluctuating rupee.
Official data released alongside the clarification indicates that India's gold holdings have actually grown in portfolio share, rather than declined. According to a fact-check by the Press Information Bureau (PIB), gold’s share in the nation's total foreign exchange reserves rose from 13.92% at the end of September 2025 to 16.70% by March 31, 2026, and climbed further to 16.85% as of May 22, 2026. Furthermore, public data reveals that the central bank has been actively moving its wealth closer to home, with 77% of its total holdings stored domestically by the end of March, up from 66% six months prior.
Rejecting the liquidation claims entirely, the central bank confirmed that its actual physical bullion inventory has faced zero depletion. "The RBI emphasises that these reports are not correct," the central bank stated in an official press release, confirming that its physical stock remains unchanged at 880.52 tonnes. Advising against speculative media narratives, the bank added, "Members of the public are, therefore, advised to rely on official information published by RBI from time to time in such matters."
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