The Reserve Bank of India (RBI) on Wednesday denied a report claiming it sold nearly $12 billion worth of gold amid market turmoil linked to the West Asia conflict, but the clarification drew scrutiny online, with users pointing to a one-month gap in the data.
The central bank reiterated that India's physical gold holdings remained unchanged at 880.52 tonnes.
"The RBI emphasises that these reports are not correct," the central bank said, urging the public to rely on official information published by it.
The Bloomberg report suggested that the RBI may have sold gold worth $12 billion in the week ending May 22 to help shield India's foreign exchange reserves from volatility.
While the RBI's statement was intended to settle the issue, social media users highlighted that the reserve data cited by the RBI primarily covered figures up to late April, whereas the allegation related to transactions in May.
"According to a Bloomberg report, the RBI is suspected to have sold gold worth approximately USD 12 billion in the week ending May 22. However, the latest official data released by you only covers transactions up to April 24. I urge you to come clean and release the complete, updated data," one user wrote.
RBI press release (X/@RBI)
Others repeatedly questioned the absence of more recent figures, posting comments such as, "Where is May data? Bloomberg accused you on May data. Not April."
Another user wrote that the clarification "doesn't contain data post April 24th" and therefore did not rebut the report, adding that the RBI should release the latest available numbers.
One user called the clarification "peak gaslighting", while another remarked, "Thanks for the clarification; Hope the finance minister also clarifies the falling rupee."
Screen grab from social media
The RBI has maintained that its physical gold stock remains unchanged at 880.52 tonnes. According to figures cited by the central bank, gold's share in India's foreign exchange reserves rose from 13.92 per cent at the end of September 2025 to 16.70 per cent on March 31, 2026, and further to 16.85 per cent as of May 22, 2026.
