The government and the Reserve Bank of India (RBI) on Tuesday dismissed as "fake" a media report claiming that the central bank had sold gold worth about USD 12 billion from the country's foreign exchange reserves, asserting that India's gold holdings remain largely unchanged.
In a post on X, the government's fact-checking unit, PIB Fact Check, said a Bloomberg report suggesting that the RBI may have sold gold worth approximately USD 12 billion was incorrect.
Citing RBI data, the fact-check unit said the share of gold in India's foreign exchange reserves rose from 13.92% at the end of September 2025 to 16.70% as of March 31, 2026, and further to 16.85% as of May 22, 2026.
RBI data show that the central bank's gold holdings stood at 879.58 tonnes as of May 2, 2026, compared with 880.34 tonnes on March 20, indicating no material change in the quantity of gold held. However, the value of these holdings declined from about USD 120 billion on May 8 to USD 114.8 billion on May 22, reflecting movements in international gold prices.
The PIB Fact Check unit also noted that the RBI regularly discloses its physical gold stock in its monthly bulletin and that the latest available data show no significant change in the quantity of gold held by the central bank.
Bloomberg had reported that the RBI might have sold gold worth USD 12 billion during the fortnight ended May 22.
The clarification comes amid speculation over movements in India's foreign exchange reserves and gold holdings. The government advised the public to rely on RBI disclosures for authentic information regarding the country's reserve assets.