RBI Refutes Claims of Gold Sales Amid Middle East Tensions
RBI Denies Allegations of Gold Sales
On Wednesday, the Reserve Bank of India (RBI) dismissed rumors suggesting it had sold around $12 billion in gold to safeguard its foreign exchange reserves amid the ongoing Middle Eastern conflict. The Press Information Bureau (PIB) fact-checked a report circulating on social media, specifically on X, stating, "A news report published by @Bloomberg claims that RBI may have sold gold worth approximately USD 12 billion. #PIBFactCheck. This assertion is FALSE." The PIB further noted that the proportion of gold in India's foreign exchange reserves increased from 13.92% at the end of September 2025 to 16.70% by March 31, 2026, and reached 16.85% as of May 22, 2026. The RBI regularly publishes its physical gold stock in its Monthly Bulletin, which can be accessed on its official website.
In conjunction with the PIB's clarification, the RBI issued an official statement asserting, "The Reserve Bank of India has encountered reports in certain media outlets regarding the sale of gold. The RBI stresses that these reports are inaccurate. It is clarified that the physical gold stock is reported in the RBI's Monthly Bulletin, with the latest edition available online, and the gold stock remains unchanged at 880.52 tonnes as of now. The public is encouraged to rely on official RBI communications for accurate information on such matters."
A news report published by @Bloomberg states that RBI may have sold gold amounting to approximately USD 12 billion.#PIBFactCheck❌ This claim is FAKE✔️ According to @RBI, the share of gold in India's foreign exchange reserves rose from 13.92% at end-September 2025 to 16.70%… pic.twitter.com/eVjxPxEv1i
— PIB Fact Check (@PIBFactCheck) June 3, 2026
On Tuesday, a report from Bloomberg suggested that the RBI might have sold a portion of its gold reserves recently to mitigate the effects of rising tensions in the Middle East on the country's foreign exchange stability. Abhishek Gupta, a Senior India Economist at Bloomberg Economics, estimated that the RBI had offloaded nearly $12 billion in gold in the two weeks leading up to May 22. During this same timeframe, the central bank reportedly increased its foreign currency assets by about $7.5 billion. The report indicated that this conclusion was based on publicly accessible reserve data. Gupta pointed out that the fluctuations in reserves seemed unusual, especially considering the recent hike in gold import duties, which typically enhances the valuation of both the RBI's gold holdings and its dollar-denominated assets. In this context, the decrease in gold reserves raises the possibility of active sales by the central bank, according to the report.