RBI Denies Selling 35 Tonnes of Gold, Calls Reports ‘Unsubstantiated Rumours’
The Reserve Bank of India (RBI) has officially dismissed social media reports claiming it sold 35 tonnes of gold from its reserves, labeling them as “unsubstantiated rumours.” The central bank advised the public to rely only on its official website for accurate information.
Key Takeaways:
- RBI confirms no sale of 35 tonnes of gold from its reserves.
- Clarification issued via PIB Fact Check Unit and RBI’s official X handle.
- Public urged to refer to http://rbi.org.in for authentic RBI updates.
RBI’s Official Statement
“Reserve Bank of India, through PIB Fact Check Unit, has debunked claims that 35 tonnes of gold have been sold by RBI from its reserves. RBI cautions against unsubstantiated rumours on social media. For any information pertaining to RBI, please visit the official website http://rbi.org.in,” the RBI posted.
Global Gold Market Context
The clarification emerges during a period of significant volatility in the gold market. Major central banks, particularly in emerging economies, are accelerating gold purchases to diversify away from the US dollar. This trend intensified after Russia’s reserve assets were frozen in 2022.
This strategic accumulation has increased gold’s share of total global reserves to over 20%, solidifying its reputation as a “sanction-proof” store of value.
Analyst Perspectives on Gold Rally
Analysts link the ongoing surge in gold prices to the “debasement trade”—the theory that political uncertainty could devalue the dollar and spur inflation, making gold a safe-haven asset. However, recent data shows the US dollar and Treasury yields have remained stable, challenging this narrative of a weakening currency environment.
