RBI Denies Reports Of Selling $12 Billion Gold Reserves

RBI Rejects Claims Of Gold Reserve Sale

The Reserve Bank of India (RBI) has firmly denied media reports suggesting that it sold gold worth nearly $12 billion to support the Indian rupee, stating that its physical gold holdings remain unchanged.

In an official statement issued on Wednesday, the central bank clarified that reports regarding the sale of gold reserves were incorrect and did not reflect the actual position of India’s gold holdings.

“The Reserve Bank of India (RBI) has come across reports in certain sections of the media about RBI’s sale of gold. The RBI emphasises that these reports are not correct,” the central bank said.

The clarification comes after reports claimed that the RBI may have liquidated a significant portion of its gold reserves amid currency management operations.

How Much Gold Does RBI Currently Hold?

According to data released by the RBI, India’s physical gold reserves stood at 880.52 tonnes as of the week ended April 24, 2026.

The figures indicate that the central bank’s gold stock has remained stable in recent weeks.

Gold holdings increased marginally from 879.58 tonnes in the week ended May 2, 2025, to 880.52 tonnes in April 2026. The reserve level rose from 880.34 tonnes in the week ended March 20, 2026, to 880.52 tonnes by April 3 and has remained unchanged since then.

The data directly contradicts claims that the RBI had sold a substantial quantity of gold.

BharatPe CPO Rohan Khara Resigns Ahead Of IPO Plans

Why Has The Value Of RBI’s Gold Reserves Increased?

While the quantity of gold held by the central bank has remained largely stable, the value of those reserves has surged significantly over the past year.

The RBI’s gold holdings are now valued at approximately $120 billion, an increase of nearly $40 billion compared to the previous year.

The rise has primarily been driven by the sharp rally in global gold prices rather than any significant increase in physical holdings.

Gold has emerged as one of the strongest-performing reserve assets globally amid geopolitical uncertainty, inflation concerns, and increased central bank purchases worldwide.

India’s Forex Reserves Continue To Grow

RBI data also shows a substantial increase in India’s overall foreign exchange reserves.

The country’s forex reserves rose by around $80 billion over the past year, reaching approximately $658 billion as of the week ended April 24, 2026.

The growth in reserves reflects stronger capital inflows, valuation gains, and reserve management operations undertaken by the central bank.

A robust reserve position provides India with an important buffer against external economic shocks and currency volatility.

RBI Sold Dollars, Not Gold

While denying gold sale reports, RBI data confirms that the central bank was highly active in the foreign exchange market during FY26.

The RBI recorded net dollar sales of $53.13 billion in the spot foreign exchange market during the financial year, the highest annual net sale on record.

In gross terms, the central bank sold approximately $195 billion during FY26 as part of its currency management operations.

Such interventions are commonly used by central banks to smooth excessive volatility in exchange rates and maintain orderly market conditions.

What Does This Mean For Investors?

The RBI’s clarification eliminates speculation that India was reducing its gold reserves to defend the rupee.

Instead, the data indicates that India’s gold stock remains intact while benefiting from rising global prices.

With forex reserves at elevated levels and gold holdings unchanged, the central bank continues to maintain a diversified reserve portfolio aimed at ensuring financial stability and strengthening India’s external sector resilience.