Fact Check: Did RBI sell gold worth $12 billion? The central bank says stock ‘remains unchanged’

The Reserve Bank of India (RBI) on Wednesday issued a clarification on gold stock holdings in India, noting that speculation over the central bank's sale of the precious metal reserves is “not correct”.

Notably, the RBI's clarification comes after reports said the central bank may have sold around $12 billion worth of gold to shield its foreign-currency reserves from the impact of the war in West Asia.

Read full RBI statement here: ‘Reports not correct’

“The RBI emphasizes that these reports are not correct. In this context, it is clarified that the physical stock of gold is disclosed by RBI in its Monthly Bulletin. The latest edition is available on the RBI website, and the physical stock of gold remains unchanged at 880.52 tonnes as on date,” the statement dated 3 June read.

It further advised the public to “rely on official information published by RBI from time to time in such matters”. 

You can check the latest update on gold stock holdings here — https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=24213

Did RBI sell gold? ‘This claim is FAKE’

Further, the Press Information Bureau's official account also shared its fact check in a post on social media platform X (formerly Twitter), stating that claims of gold sale by the central bank are “fake”.

“A news report states that RBI may have sold gold amounting to approximately USD 12 billion. PIB Fact Check — This claim is FAKE,” it wrote.

“According to RBI, the share of gold in India's foreign exchange reserves rose from 13.92% at end-September 2025 to 16.70% on March 31, 2026, and further to 16.85% as of May 22, 2026,” it stated, adding that “the physical stock of gold is also disclosed by RBI in its Monthly Bulletin. For authentic information, always visit the RBI's official website: http://rbi.org.in”.

What were the claims made?

Bloomberg said that it estimated in a report on Tuesday (2 June), that the RBI had likely sold gold reserves worth about $12 billion in the two weeks through 22 May, while buying $7.5 billion of foreign-currency assets.

After the RBI clarification, it added that the latest data up to the end of March shows the RBI held about 77% of its gold locally, up from 66% in September.

RBI MPC meeting begins today: Expectations

The RBI's three-day Monetary Policy Committee (MPC) meeting began on Wednesday, 3 June, and Governor Sanjay Malhotra is scheduled to announce the decision on Friday, 5 June.

This MPC meet comes amid the surge in crude oil prices and tumultuous geopolitical situation due to the war in West Asia. Notably, market experts are anticipating the central bank to keep the repo rate unchanged.

Wealth management firm DSP Mutual Fund does not expect the central bank to announce a rate hike; and said it is instead likely to follow a step-by-step sequence before pulling the trigger on rates to defend the currency. Further, brokerage firm Emkay Global highlighted that if rates are raised, the objective would be to curb domestic demand pressures or anchor inflation expectations rather than defend the currency.

(With inputs from agencies)

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