Did RBI Really Sell $12 Billion Worth Of Gold? Here's What Official Data Shows

A debate over India's gold reserves emerged after reports indicated that the Reserve Bank of India (RBI) may have reduced a portion of its gold holdings, estimated at around USD 12 billion, as part of reserve management measures aimed at protecting foreign currency assets amid geopolitical uncertainties. The report gained widespread attention across social media and financial markets, prompting questions regarding the status of India's gold reserves.

The speculation emerged at a time when gold has become an increasingly important component of India's foreign exchange reserves. Given the strategic significance of central bank gold holdings, the claim attracted widespread attention and triggered discussions about the RBI's reserve management strategy.

Report Sparks Questions Over Gold Reserves

According to reports, an analysis of changes in India's foreign exchange reserve composition suggested that the Reserve Bank of India may have reduced a portion of its gold holdings to safeguard foreign currency assets amid global uncertainties. Based on this interpretation, claims emerged that the central bank had sold gold reserves worth approximately USD 12 billion.

As the reports gained traction online, the claim was widely circulated across social media platforms, with many interpreting it as evidence that the RBI had offloaded a significant portion of its gold reserves. The speculation subsequently raised questions about whether India had altered its long-term reserve management and gold accumulation strategy.

PIB Fact Check Steps In

As the claim gained momentum, the Press Information Bureau's Fact Check unit intervened to verify the information.

In a post issued through PIB Fact Check, the government categorically stated that the claim alleging the RBI sold gold reserves worth approximately USD 12 billion was false.

The fact-checking agency referred to official RBI data and highlighted that the share of gold in India's foreign exchange reserves has actually increased over recent months rather than declined.

According to the RBI, gold accounted for 13.92 per cent of India's foreign exchange reserves at the end of September 2025. This share subsequently increased to 16.70 per cent as of March 31, 2026, and further rose to 16.85 per cent by May 22, 2026.

RBI Data Tells A Different Story

The RBI's reserve data provides additional context to the issue.

The central bank publishes details of its foreign exchange reserves, including gold holdings, through its Monthly Bulletin. The latest available data shows that the physical quantity of gold held by the RBI remained broadly unchanged.

The RBI's gold holdings stood at approximately 879.58 metric tonnes in May 2025. By March 2026, the figure had increased to around 880.34 metric tonnes and subsequently remained near 880.52 metric tonnes through May 2026.

While the value of gold reserves fluctuated significantly due to changes in international gold prices, the underlying physical stock remained stable. This distinction is important because the market value of gold reserves can rise or fall without any corresponding change in the quantity of gold held by the central bank.

The data also shows that the value of India's gold reserves increased from around USD 81.82 billion in May 2025 to over USD 120 billion by April-May 2026, largely reflecting the appreciation in global gold prices during the period.

RBI's Position Remains Clear

The RBI's published reserve data and monthly bulletin continue to show that India's physical gold holdings have not witnessed the reduction suggested by the circulating claim.

The central bank's official disclosures indicate that gold remains an increasingly important component of India's reserve portfolio, with its share rising steadily over the past several quarters.

Following the PIB Fact Check clarification and the RBI data cited by the agency, the claim that the RBI sold approximately USD 12 billion worth of gold reserves has been identified as incorrect.

What are your thoughts on the RBI's growing gold reserves and the role of fact-checking in financial news? Share your views in the comments below.
Disclaimer: The article is for informational purposes only and not investment advice.