Fact Check: Did RBI Sell $12 Billion worth of Gold? Central bank says stocks ‘remain unchanged’ | Today’s news
The Reserve Bank of India (RBI) today issued a clarification on India’s holdings of gold reserves, noting that speculations about the central bank’s sale of precious metal stocks are “not correct”.
The RBI’s clarification comes after reports said the central bank may have sold gold worth around $12 billion to protect its foreign exchange reserves from the effects of the war in West Asia.
Read RBI’s full statement here: ‘Reports not correct’
“RBI emphasizes that these reports are not correct. In this regard, it is clarified that physical gold stock is published by RBI in its Monthly Bulletin. The latest release is available on RBI website and physical gold stock remains unchanged at 880.52 tonnes as on date,” the server said. declaration dated June 3 read.
It further advised the public to “rely on official information published by RBI from time to time in such matters”. Latest updates on gold stock holdings can be viewed here — https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=24213
RBI sold gold? ‘This claim is FAKE’
Further, the official account of the Press Information Bureau also shared its fact-checking in a post on social media platform X (formerly known as Twitter) stating that the claims of gold sales by the central bank are “false”.
“New report says RBI may have sold gold worth around USD 12 billion. PIB Fact Check — This claim is FAKE,” he wrote.
It adds: “According to the RBI, the share of gold in India’s foreign exchange reserves increased from 13.92% at the end of September 2025 to 16.70% as on 31 March 2026 and further to 16.85% as on 22 May 2026.”
“Physical gold stock is also published by RBI in its Monthly Bulletin. For authentic information, always visit RBI’s official website: he said.
What were the claims made?
Bloomberg said it estimated in a report on Tuesday (June 2) that the RBI likely sold about $12 billion worth of gold reserves in the two weeks to May 22, while buying $7.5 billion worth of foreign currency assets.
Clarifying, the RBI added that the latest data till the end of March showed that the RBI held about 77% of its gold locally, up from 66% in September.
RBI MPC meeting begins today: Expectations
The three-day meeting of RBI’s Monetary Policy Committee (MPC) began today, June 3 (Wednesday), and Governor Sanjay Malhotra is set to announce a decision on June 5 (Friday).
The MPC meeting comes amid a surge in oil prices and a tumultuous geopolitical situation in the wake of the war in West Asia. In particular, market experts expect the central bank to leave the repo rate unchanged.
Wealth management company DSP Mutual Fund does not expect the central bank to announce a rate hike; and said he would instead likely follow a gradual sequence before pulling the trigger on rates to defend the currency. Brokerage firm Emkay Global further emphasized that if rates are raised, the aim will be to limit domestic demand pressures or anchor inflationary expectations rather than defend the currency.
(With input from agencies)
Disclaimer: This story is for educational purposes only. The above opinions and recommendations are those of individual analysts or brokerage firms and not of Mint. We encourage investors to check with certified professionals before making any investment decision.
