&imwidth=800&imheight=600&format=webp&quality=medium "'Is the country's gold being sold?' RBI issues fact-check as Kejriwal questions centre over reserves | WION Decodes")
The Reserve Bank of India (RBI) on Wednesday (Jun 3) stepped in to dismiss reports suggesting it sold a portion of India's gold reserves to support the rupee and foreign exchange reserves. The clarification comes after political reactions and public speculation over the country's financial position. WION Decodes the issue.
Why is this issue making headlines?
The controversy began after reports claimed the RBI had sold roughly $12 billion worth of gold over two weeks ending May 22, 2026. The reports suggested the central bank was trying to protect India's foreign exchange reserves amid pressure on the rupee, rising oil prices and a higher import bill linked to geopolitical tensions.
The claims quickly gained attention, with AAP chief Arvind Kejriwal questioning whether India had reached a point where it needed to sell its gold reserves. Aam Aadmi Party (AAP) national convenor Arvind Kejriwal on Wednesday questioned the centre about the alleged sale of gold reserves. On X, he questioned, "Is this news true? Is the country's gold being sold? Has the government become so bankrupt? In the last 76 years, there have been many such occasions when the country was in a difficult situation. But the country's gold was never sold. Does that mean the situation is extremely bad? Why doesn't the government tell us anything? What is the state of the country?"
What did the RBI say?
The RBI issued a direct rebuttal to the reports. "The RBI emphasises that these reports are not correct," the central bank said, adding that its physical stock of gold remains unchanged at 880.52 tonnes.
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The central bank also reminded the public that information about its gold holdings is published regularly in the RBI Monthly Bulletin and urged people to rely on official data instead of speculation.
What do the numbers show?
According to RBI data, India's physical gold holdings remain at 880.52 tonnes. Between September 2025 and March 31, 2026, Gold's share in India's forex reserves rose from 13.92 per cent to 16.70 per cent. The share increased further to 16.85% as of May 22, 2026.
If the RBI had actually sold a substantial amount of gold, gold's share in reserves would likely have fallen rather than increased.
Why does RBI hold gold?
Gold serves several purposes for central banks, including diversification, which reduces dependence on any single currency, particularly the US dollar. Furthermore, these reserves serve as crisis protection as gold often retains value during financial crises, wars and periods of market instability. Lastly, large gold reserves strengthen confidence in a country's financial system and reserve position.
