Fact Check: Did RBI sell gold worth $12 billion? Here's what it said

The Reserve Bank of India (RBI) has categorically denied any reports about the sale of gold valued at $12 billion by the bank to protect the country's forex reserves against pressures in international markets.

This comes after some media reports cited the possibility that the central bank might have shed some of its gold reserve through interventions in foreign exchange markets amidst the political instability in West Asia. "The RBI emphasises that these reports are not correct," the central bank statement said on Wednesday.

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Gold holdings remain unchanged

Seeking to dispel speculation, the RBI stated that its physical gold stock remains unchanged at 880.52 tonnes. The clarification directly counters claims that the central bank had sold a significant portion of its gold reserves in recent weeks to bolster foreign-currency assets.

The Press Information Bureau (PIB) also issued a fact-check, describing the reports as misleading and reiterating that India's gold holdings have not declined. According to PIB, the share of gold in India's foreign exchange reserves has actually increased in recent months.

Data cited by the agency showed gold accounted for 13.92% of forex reserves at the end of September 2025, rising to 16.70% by March 31, 2026, and further to 16.85% as of May 22, 2026.

What sparked the speculation?

The reports originated after a Bloomberg analysis suggested the RBI may have sold approximately $12 billion worth of gold during the two weeks ending May 22 while simultaneously purchasing around $7.5 billion in foreign-currency assets.

The report linked the alleged transactions to efforts aimed at supporting the rupee during a period of heightened global uncertainty.

It also noted that the Indian currency had performed better than several Asian peers after touching a record low in May. However, the RBI's latest clarification makes it clear that no reduction has taken place in its physical gold holdings.

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India's gold reserves remain robust

According to data released by the RBI, India has maintained its reserve of 880.52 metric tonnes of gold, which stands as one of the largest in emerging economies.

The central bank's half-yearly foreign exchange report released earlier this year indicated that a growing share of India's gold reserves is now stored domestically. As of March 2026, about 77% of the country's gold reserves were held within India, compared to 66% six months earlier.

However, the overseas-held reserves are mainly being kept by international organizations like the Bank of England and the Bank for International Settlements. Following clarifications from the RBI and the PIB, efforts have been made to allay fears over any sale of the country's gold reserves worth several billion dollars.