Sources within the Finance Ministry on Wednesday refuted media reports claiming that the Reserve Bank of India (RBI) sold gold valued at USD 12 billion to bolster India’s foreign exchange reserves. A news agency had reported that the central bank made the sale over a two-week period ending May 22, in response to pressures on the rupee and an increasing import bill. However, Finance Ministry sources informed ANI that the central bank had denied such assertions.
In contrast, the RBI’s latest Annual Report for 2025-26 indicates that the bank’s gold holdings actually rose during the financial year, challenging claims of significant gold sales. The report states, “As of March 31, 2026, total gold held by the Reserve Bank was 880.52 metric tonnes, compared to 879.58 metric tonnes as of March 31, 2025,” reflecting an increase of 0.94 metric tonnes. This data suggests that the RBI added to its gold reserves in FY26 rather than reducing them. Of the total 880.52 metric tonnes of gold, 312.32 metric tonnes were listed as assets of the Issue Department, with the remaining 568.20 metric tonnes under the Banking Department.
Furthermore, the RBI’s annual accounts highlight a notable increase in the value of its gold holdings, which was driven largely by rising global gold prices and the depreciation of the Indian rupee against the US dollar. The value of gold classified as an asset of the Banking Department surged by 63.6% during FY26.
Additionally, the annual report reveals that India’s foreign exchange reserves remained robust, amounting to USD 691.11 billion as of March 31, 2026, up from USD 668.33 billion the previous year. The value of gold reserves—including gold deposits—increased significantly from USD 78.18 billion to USD 115.40 billion over that time. The RBI’s audited balance sheet and reserve data affirm that the central bank continues to hold substantial gold reserves, contradicting reports of a USD 12 billion gold sale.
Published on June 3, 2026.
