‘Fake’: Centre Debunks Bloomberg Report Claiming RBI Sold Gold to Shore Up Forex Reserves

New Delhi, June 3, 2026 — The Indian government and the Reserve Bank of India (RBI) have firmly rejected a Bloomberg report that claimed the central bank sold approximately $12 billion worth of gold to defend the country’s foreign exchange reserves amid geopolitical tensions in West Asia. The Press Information Bureau (PIB), which serves as the government’s official fact-checking arm, labeled the report “fake and incorrect”, while the RBI issued a direct clarification stating the claim has no basis in fact.

What Did Bloomberg Report?

The Bloomberg report suggested that the RBI had quietly offloaded a significant portion of its gold holdings — roughly $12 billion worth — during the two weeks ending May 22, 2026, to cushion its foreign currency reserves against pressure arising from the ongoing conflict in West Asia. The report also claimed that the central bank simultaneously purchased around $7.5 billion in foreign currency assets, framing the gold sell-off as a tactical move to stabilize the rupee and shore up reserves during a period of global uncertainty.

The story spread widely across financial news circles and social media, raising concern among investors and economic observers about India’s reserve management strategy.

RBI Calls Reports ‘Not Correct’

The Reserve Bank of India moved swiftly to address the speculation. In an official press release, the RBI stated plainly: “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 also confirmed that the physical stock of gold held by India remains entirely unchanged — standing at 880.52 tonnes as of June 3, 2026. The RBI noted that it routinely discloses its gold holdings through its monthly bulletin, providing a transparent and verifiable public record that directly contradicts the Bloomberg narrative.

PIB Fact-Check: Numbers Tell a Different Story

The PIB backed the RBI’s clarification with hard data on gold’s rising share within India’s total forex reserves. According to the government, gold as a proportion of India’s foreign exchange reserves has actually been on an upward trajectory — climbing from 13.92% at end-September 2025, to 16.70% as of March 31, 2026, and further rising to 16.85% as of May 22, 2026. This steady increase in gold’s share flatly contradicts any suggestion of a large-scale sell-off.

These figures indicate not a reduction in gold holdings, but rather their growing importance within India’s reserve framework — a trend consistent with the RBI’s broader strategy of diversifying away from dollar-denominated assets in recent years.

Why It Matters

India’s foreign exchange reserves are a key indicator of economic stability, and any perception that the central bank is distress-selling assets to defend the currency could trigger volatility in financial markets. False or unverified reports of this nature can have real consequences — affecting investor sentiment, the rupee’s exchange rate, and public confidence in monetary institutions.

The episode underscores the growing need for media consumers and financial markets to cross-check claims with official sources before acting on them.