Clarification: Indian Central Bank Refutes Claims of Gold Reserve Sales

Deep News06-04 15:10

Rumors that the Reserve Bank of India (RBI) had sold a portion of its official gold holdings have been categorically denied by the central bank.

Earlier reports had suggested the RBI sold approximately $12 billion worth of gold reserves in the two weeks leading up to May 22nd.

In a recent statement, the RBI clarified that its physical holdings of precious metals remain unchanged at 880.52 metric tons.

The Press Information Bureau of India also labeled the reports as "false" on social media, reiterating that the RBI's precious metal reserves are stable.

According to the RBI's latest foreign exchange report from April, the central bank held 880.52 tons of gold as of the end of March. Of this total, 77% is held domestically, with the majority of the remaining portion held overseas in custody with the Bank of England and the Bank for International Settlements.

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