RBI dismisses gold sale rumours:Precious metal’s India forex share of nearly 17% totals 880.52 tonnes

Debunking reports of gold sale, the Reserve Bank of India on Wednesday said there is no change in the physical stock of gold, which remains unchanged at 880.52 tonnes. The clarification from the Reserve Bank of India (RBI) comes following reports that the RBI may have sold gold amounting to approximately USD 12 billion to shield its foreign-currency reserves from the impact of the ongoing conflict in West Asia. The Reserve Bank of India (RBI) has come across reports in certain sections of the media about RBI’s sale of gold. The RBI emphasizes that these reports are not correct. The physical stock of gold remains unchanged at 880.52 tonnes. Members of public are, therefore, advised to rely on official information published by RBI from time to time in such matters. -RBI’s clarification The clarification follows a media report by a news agency claiming that the central bank sold gold worth approximately $12 billion (₹1.24 lakh crore) over a two-week period ending May 22, 2026. The report suggested that the alleged sale was an effort to shore up India’s foreign exchange reserves and protect them amid pressure on the rupee and a rising import bill. RBI denies gold sale reports: Finmin Earlier in the day, Finance Ministry sources told ANI that such a report had been denied by the central bank. The share of gold in India’s foreign exchange reserves rose from 13.92% at the end of September 2025 to 16.70% on March 31, 2026, and further to 16.85% as of May 22, 2026, said news agency ANI citing the apex bank’s clarification. Weekly statistical supplements from the central bank for the period leading up to late May showed total reserves fluctuating between USD 686,064 million and USD 703,308 million, while foreign currency assets remained above $550,000 million (₹52.25 lakh crore) and gold value figures stood above ₹1.13 lakh crore, said ANI.