Physical gold stock remains unchanged at 880.52 tonnes: RBI
Mumbai, June 3
The Reserve Bank of India on Wednesday clarified that its physical stock of gold remains unchanged at 880.52 tonnes, dismissing media reports that suggested the central bank had sold part of its gold reserves.
In a statement, the RBI said it had come across reports in certain sections of the media regarding the sale of gold by the central bank, and emphasised that such reports were incorrect.
"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 stated.
"In this context, it is clarified that the physical stock of gold is disclosed by RBI in its Monthly Bulletin," it added.
The central bank further added that details regarding its gold holdings are regularly disclosed in its Monthly Bulletin published on the central bank's official website.
The RBI also advised members of the public to rely only on official information released by the central bank from time to time in such matters.
"Members of public are, therefore, advised to rely on official information published by RBI from time to time in such matters," the central bank explained.
The clarification came after a Bloomberg report claimed that the RBI may have reduced part of its gold holdings to protect its foreign-currency reserves from the impact of the ongoing conflict in West Asia.
According to the report, the RBI likely sold gold reserves worth around $12 billion during the two weeks ending May 22, while purchasing $7.5 billion in foreign-currency assets.
The report further stated that the RBI's interventions in the foreign exchange market appeared to have supported the rupee, helping the Indian currency perform better than most Asian peers since May 20, when it touched a record low.
— IANS
Reader Comments
These media reports without verification are frustrating. RBI has been managing our gold reserves wisely for decades. 880 tonnes is a solid stock. 🇮🇳
Important to note that RBI's gold holdings are part of our foreign exchange reserves. Even if they sold some gold to buy dollars to support the rupee, it wouldn't necessarily be a bad move. But good that they clarified the figures anyway.
RBI should also clarify if they are holding this gold domestically or abroad. Many people don't know that a significant portion is stored in Bank of England. Would like more transparency on location and security of our gold reserves.
Media reports like this can create unnecessary volatility in gold markets. Kudos to RBI for setting the record straight. India's gold reserves are in safe hands. 🪙
Good to see the RBI being proactive in clarifying misinformation. Gold is a key part of reserves for any country, and India has built a respectable stockpile. Maintaining 880 tonnes shows fiscal prudence.
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