Daijiworld Media Network – New Delhi

New Delhi, Jun 3: The Centre and the Reserve Bank of India (RBI) on Tuesday dismissed as "fake" reports claiming that the central bank had sold gold worth nearly USD 12 billion from the country's foreign exchange reserves.

The clarification came after a media report suggested that the RBI may have offloaded a substantial portion of its gold holdings during the fortnight ended May 22.

In a post on X, the government's PIB Fact Check unit rejected the claim, stating that official RBI data showed no significant reduction in the quantity of gold held by the central bank.

According to the fact-check unit, gold's share in India's foreign exchange reserves increased from 13.92 per cent at the end of September 2025 to 16.70 per cent as of March 31, 2026, and further to 16.85 per cent by May 22, 2026.

RBI data showed that the central bank's gold holdings stood at 879.58 tonnes on May 2, 2026, compared to 880.34 tonnes on March 20, indicating that the overall stock remained virtually unchanged.

Officials explained that while the value of India's gold reserves declined from around USD 120 billion on May 8 to USD 114.8 billion on May 22, the decrease was primarily due to fluctuations in international gold prices rather than any significant sale of gold.

The PIB Fact Check unit noted that the RBI regularly publishes details of its physical gold holdings through its monthly bulletins and that the latest figures do not indicate any major change in reserve quantities.

The clarification comes amid speculation regarding movements in India's foreign exchange reserves and reserve assets.

Authorities urged the public to rely on official RBI disclosures and government communications for accurate information concerning the country's gold reserves and foreign exchange holdings.