Indian authorities rebut claims of $12bn gold sale by RBI
Government says share of bullion in central bank’s reserves has been rising
The Reserve Bank of India and the Indian government have rebutted media reports that suggested the central bank had sold gold to boost its foreign currency reserves.
A Bloomberg report dated June 2 said the RBI may have sold roughly $12 billion of its gold reserves in the two weeks to May 22 to shield its foreign currency assets from the fallout of the war in the Middle East.
The article was based on analysis by a senior India economist at Bloomberg, who said the RBI was likely to have sold the
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