RBI refutes Bloomberg report claiming sale of gold worth $12 billion, clarifies its gold holding remains steady at 880.52 metric tonnes

The Reserve Bank of India (RBI) today firmly denied media reports suggesting it had sold gold reserves, stating that its physical gold holdings remain unchanged at 880.52 metric tonnes. The clarification came just one day after a Bloomberg Economics report claimed that RBI may have sold gold worth $12 billion to bolster foreign-currency assets.  The Bloomberg report, which had talked about the possibility of RBI offloading bullion, was subsequently widely covered by Indian media.

The episode began on June 2 when Bloomberg Economics senior India economist Abhishek Gupta published an analysis based on RBI data. Gupta inferred that the central bank likely sold gold worth roughly $12 billion during the two weeks ending May 22, 2026, while simultaneously purchasing about $7.5 billion in foreign-currency assets.

The report linked the alleged move to mounting pressures from the US-Iran conflict, which had pushed Brent crude oil prices above $100 per barrel, weakened the rupee to near 97 per dollar, and triggered capital outflows. Notably, the apparent decline in gold’s reported value occurred despite a recent hike in gold import duties, which should have boosted the rupee value of the RBI’s holdings.

The Bloomberg story was rapidly amplified across Indian and international media outlets. Within hours, major publications including Moneycontrol, Times of India, Business Standard, Deccan Herald, New Indian Express, and others carried headlines such as “RBI may have sold gold to save forex reserves” and “US-Iran war impact: RBI likely sold $12 billion gold reserves.” The reports cited Gupta’s analysis and fuelled online discussions, with some commentators questioning the central bank’s reserve management strategy amid geopolitical tensions.

Now in a direct response to these reports, the RBI has issued an official press release on June 3, 2026, denying any sell of its gold holdings. The statement said, “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 central bank directed the public to rely on its official Monthly Bulletin for verified data, which discloses the physical stock of gold.

RBI confirmed that “the physical stock of gold remains unchanged at 880.52 tonnes as on date.”

According to the latest RBI Monthly Bulletin dated May 22, 2026 covering data up to April 24, gold holdings have remained stable at 880.52 metric tonnes. As of April 24, 2026, the value of these reserves stood at ₹11,33,076 crore (approximately $120,236 million). The data shows that RBI’s gold holding was 880.34 metric tonnes on 27th March, which went up to 880.52 metric tonnes on 3rd April,  which shows marginal increase in the gold holdings of the central bank, and there is no decline in the volume of gold stock.

This forms part of India’s total foreign exchange reserves of ₹65,82,387 crore ($698,487 million) on 24 April. The bulletin shows only minor fluctuations in rupee and dollar values due to market price movements, with the physical volume holding steady week after week.

The RBI has been a net buyer of gold in recent years as part of its reserve diversification strategy, repatriating significant quantities to domestic vaults, raising the share held in India to around 77% by March 2026.

Written by OpIndia Staff
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