The Reserve Bank of India (RBI) has officially refuted widespread claims circulating on social media that the central bank sold 35 tonnes of gold from its reserves.
Through the PIB Fact Check Unit, the RBI has taken it to social media platform X to dismiss the reports as “unsubstantiated rumours”, urging the public to rely only on official channels for information about the institution. The RBI further advised users to visit its official website for accurate data.
The clarification comes amidst a period of intense global interest and volatility in the gold market, fueled by several major central banks upping their holdings of gold and driving up demand.
The official demand from central banks, particularly those in emerging markets took the spotlight, actively seeking to diversify away from the US dollar.
This behavior sharply accelerated following the freezing of Russia’s reserve assets in 2022, cementing gold’s reputation as a “sanction-proof” store of value. This strategic buying has pushed gold’s share of total global reserves to levels that are above 20%.
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