India’s central bank said a report that it’s selling gold is “not correct,” pointing to data showing its physical stock of gold has remained unchanged.
Latest figures in the Reserve Bank of India’s Monthly Bulletin show the stock of physical gold was steady at 880.52 metric tons during April. The stock was at that level “as on date,” the central bank said in a statement Wednesday.
Separately, the Press Information Bureau said in a post on X that the share of gold in India’s foreign exchange reserves rose to 16.7% by March 31 from about 14% at the end of September.
Bloomberg Economics estimated in a report Tuesday that the central bank likely sold gold reserves worth about $12 billion in the two weeks through May 22, while buying $7.5 billion of foreign-currency assets.
Latest data up to the end of March shows the RBI held about 77% of its gold locally, up from 66% in September.
Disclaimer: This report is auto generated from the Bloomberg news service. ThePrint holds no responsibility for its content.