The Press Information Bureau (PIB) has officially denied a recent Bloomberg report that claimed the Reserve Bank of India (RBI) had sold approximately $12 billion worth of gold reserves to protect foreign exchange reserves amid geopolitical tensions. The PIB fact-check unit clarified that the RBI's data shows no change in its physical gold holdings, contradicting the Bloomberg report.
Bloomberg's Claim
According to the Bloomberg report, the RBI may have sold gold valued at $12 billion to safeguard India's foreign reserves during a period of heightened geopolitical uncertainty. The report suggested that such a move would be aimed at stabilizing the country's external financial position.
PIB's Fact-Check
The PIB fact-check unit thoroughly examined the claim and concluded that it is false. The unit stated that the RBI's monthly bulletin confirms that its physical gold stock remains unchanged. The bulletin, which provides detailed data on the central bank's assets, shows no indication of any sale of gold reserves. The PIB emphasized that the RBI's gold holdings have not been reduced, and the Bloomberg report is based on incorrect assumptions.
Gold's Share in Foreign Reserves
Interestingly, while the absolute physical gold holdings have remained constant, gold's share in India's foreign exchange reserves has actually increased over the past few months. This is due to the rise in gold prices and fluctuations in other components of the reserves. Specifically, gold's share rose from 13.92% at the end of September 2025 to 16.70% as of March 31, 2026. As of May 22, 2026, gold's share further increased to 16.85%. This increase in percentage share does not imply any sale or purchase of gold; rather, it reflects the revaluation of existing gold holdings and changes in the total foreign exchange reserves.
RBI's Physical Gold Stock
The RBI's monthly bulletin regularly provides updates on its gold reserves. The data confirms that the central bank's physical gold stock has remained unchanged, contradicting the Bloomberg report's claim of a $12 billion sale. The RBI maintains a significant portion of its foreign exchange reserves in gold, which serves as a hedge against currency fluctuations and geopolitical risks.
In conclusion, the PIB has effectively debunked the Bloomberg report, reaffirming that the RBI has not sold any gold from its reserves. The central bank's gold holdings remain intact, and the increase in gold's share in foreign reserves is purely a result of valuation changes.
