RBI Gold Reserves Remain Unchanged As Official Data Debunk Sale Claims

The Reserve Bank of India and the government’s PIB Fact Check unit have firmly denied suggestions that the RBI sold gold worth about $12 billion. Both institutions said India’s physical gold reserves have not been reduced, countering speculation triggered after a Bloomberg Economics analysis linked movements in foreign exchange reserves to a possible gold sale.

In a statement released on 3 June, the RBI said media reports claiming that part of its bullion stock had been sold were “not correct”. The central bank stressed that its physical gold holdings stand unchanged at 880.52 tonnes. The RBI also urged the public and markets to rely only on data it publishes through official channels.

RBI gold reserves data show holdings unchanged

Detailed numbers in the latest RBI Bulletin support that clarification on RBI gold reserves. The figures show the RBI held 880.34 tonnes of gold in March, with the quantity inching up to 880.52 tonnes in April. According to the bulletin, the stock has remained at 880.52 tonnes since then, indicating no sale of physical gold during that period.

PIB Fact Check, which monitors misinformation related to government policy, echoed this view and labelled the Bloomberg-linked claim as false. In a post on X, PIB Fact Check wrote that RBI figures disprove the suggestion of a $12 billion gold sale. The unit described the report as misleading and backed its assessment with data on RBI gold reserves.

PIB Fact Check highlights RBI gold reserves share

PIB Fact Check called the media claim “FAKE” and directly referred to official central bank statistics. It stated: “A news report published by Bloomberg states that RBI may have sold gold amounting to approximately USD 12 billion. This claim is FAKE,” PIB Fact Check said. The unit added that gold’s share in India’s foreign exchange reserves has been climbing, not falling, in recent months.

According to the data cited by PIB Fact Check on RBI gold reserves, gold formed 13.92% of India’s foreign exchange reserves at the end of September 2025. That share rose to 16.70% by 31 March 2026 and then edged up further to 16.85% as of 22 May 2026. The unit also pointed readers to the RBI’s monthly bulletin, which continues to show an unchanged physical gold stock.

The key percentage and quantity figures on RBI gold reserves released by officials can be summarised as follows:

The debate around RBI gold reserves began after Bloomberg Economics economist Abhishek Gupta examined shifts in India’s foreign exchange reserves during a time of higher crude oil prices, rupee pressure and capital outflows. Gupta estimated that, in the two weeks ending 22 May, the RBI might have sold roughly $12 billion of gold while adding about $7.5 billion in foreign-currency assets.

The analysis argued that reported changes in the mix of reserve assets looked consistent with a move away from gold towards foreign-currency holdings. However, reserve specialists often stress that valuations of central bank gold holdings can move sharply even when the underlying quantity stays the same. This can create the impression of transactions where none have taken place.

Central banks, including the RBI, mark gold reserves to global market prices and relevant exchange rates. When international bullion prices rise or the dollar exchange rate shifts, the dollar value of a country’s RBI gold reserves can jump or fall despite no physical gold being bought or sold. That is why analysts often distinguish between the stock of gold and its market valuation.

RBI figures show that, although RBI gold reserves in tonnes have been stable, the reported value has varied. The central bank valued its gold reserves at about $117 billion in March, according to its data. As global prices for bullion increased, that value moved above $122 billion in subsequent months, even though the RBI’s gold tonnage changed only marginally.

India’s RBI gold reserves have increased gradually over several years as the central bank diversified its foreign exchange portfolio. Gold now forms one of the largest single components within India’s total foreign exchange reserves, which stand near $700 billion. The rising share of gold within that pool reflects both new purchases over time and the effect of higher global prices.

With the latest statements from the RBI and PIB Fact Check, officials have tried to settle doubts around any major sale of RBI gold reserves. Official data show that India’s physical gold stock remains intact and that gold’s share in the country’s reserves has risen, even as global markets stay volatile and investors monitor India’s external position closely.