Fact-Check: Did RBI Sell $12 Billion Worth of Gold to Protect India’s Forex Reserves?
- On Wednesday, The Press Information Bureau denied a Bloomberg report claiming the Reserve Bank of India sold gold worth $12 billion, calling the assertion 'false.'
- Bloomberg Economics analysis alleged the gold sale occurred in the two weeks through May 22, citing India's need to protect foreign-currency assets as Middle East conflict and rising energy costs weigh on the rupee.
- Official data shows the share of gold in India's foreign exchange reserves rose from 13.92 per cent in September 2025 to 16.85 per cent as of May 22, 2026, contradicting the alleged liquidation.
- Following the report, the Congress party criticized the government over the alleged reserve reduction, transforming the technical discussion into a broader political controversy.
- RBI Governor Sanjay Malhotra is weighing options to stabilize the rupee, including potential interest-rate hikes and initiatives to attract dollar inflows, as authorities continue intervening in foreign exchange markets.
69 Articles
69 Articles
Reserve Bank of India dismisses reports of gold sale, says holdings remain unchanged at 880.52 tonnes
Separately, the Press Information Bureau's Fact Check unit also moved to counter the claims, describing reports that the RBI had sold approximately $12bn worth of gold as false.
Gold Dethrones The King: ECB Confirms Barbarous Relic Has Overtaken Treasuries As Top Global Reserve Asset
Gold Dethrones The King: ECB Confirms Barbarous Relic Has Overtaken Treasuries As Top Global Reserve Asset In what can only be described as the latest humiliating blow to the crumbling Pax Americana, gold has officially overtaken US government bonds as the world's top reserve asset. The FT reports that, according to a fresh report from the European Central Bank released Tuesday, bullion now accounts for 27% of global central bank reserves at the…
However, the dollar does not need to be buried yet in terms of global central bank reserves.
RBI May Have Sold Gold to Save FX Reserves, BE Analysis Shows
India’s central bank may have offloaded a portion of its gold holdings to shield its foreign-currency assets from the cascading fallout of the war in the Middle East, according to an analysis by Bloomberg Economics based on publicly available data.
Coverage Details
Bias Distribution
- 56% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
