The Indian government has denied a media reportย claiming that the Reserve Bank of India (RBI) sold gold worth Rs 12 billion to save the country’s forex reserve amid the ongoing conflict in the Middle East, calling it “false”. Instead, the Press Information Bureau (PIB) said that the share of gold in India’s foreign exchange reserves rose from 13.92 per cent at the end of September 2025 to 16.70 per cent on March 31, 2026, and further to 16.85 per cent as of May 22, 2026.ย
The fact-check came after Bloomberg published a report quoting sources who claimed that the RBI may have sold gold worth approximately USD 12 billion. In a post on X, PIB Fact Check also shared an official link to the RBI Bulletin, which provides full details of its gold reserves.ย
The report further notes that of the total 880.52 metric tonnes of gold held by the central bank, 312.32 metric tonnes were maintained as assets of the Issue Department, while the remaining 568.20 metric tonnes were held under the Banking Department.
Increase in value of gold holdings
The RBI’s annual accounts also reveal a significant increase in the value of its gold holdings, largely driven by a rise in global gold prices and depreciation of the Indian rupee against the US dollar.
The value of gold held as an asset of the Banking Department rose by 63.6 per cent during FY26. The annual report also shows that India’s foreign exchange reserves remained robust, standing at USD 691.11 billion as of March 31, 2026, compared with USD 668.33 billion a year earlier.ย
Gold reserves, including gold deposits, increased sharply in value terms to USD 115.40 billion from USD 78.18 billion in the previous year.ย
The RBI’s audited balance sheet and reserve data clearly demonstrate that the central bank continues to maintain substantial gold holdings and that reports suggesting a USD 12 billion gold sale are not borne out by official records.
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