Bloomberg Withdraws RBI Gold Sale Claim, Admits Pricing Error In Reserve Analysis

Bloomberg has retracted its report suggesting an RBI gold sale worth nearly $12 billion after the Reserve Bank of India firmly denied any reduction in its bullion holdings and official data showed no change in physical reserves. The controversy began after a Bloomberg Economics analysis published on June 2 claimed the central bank may have sold a portion of its gold reserves in the two weeks leading up to May 22. The report estimated that the RBI gold sale could have been worth around $12 billion and linked the alleged move to efforts aimed at supporting India’s foreign exchange reserves amid rupee weakness, foreign capital outflows and rising crude oil prices driven by tensions in West Asia.

Bloomberg’s analysis was based on a fall in the reported value of gold reserves despite higher global gold prices and increased import duties on the precious metal. According to the report, such a divergence could indicate that some gold had been sold by the central bank.

Official data dismantles the claim and triggers retraction

As per reports, RBI quickly pushed back against the report. On June 3, the central bank clarified that its physical gold holdings remained unchanged at 880.52 tonnes, directly contradicting claims of an RBI gold sale. The government also stepped in through the Press Information Bureau (PIB), which labelled the claim “fake” and cited official RBI data to refute the report.

A day later, on June 4, Bloomberg retracted its analysis, admitting that its economists had relied on higher domestic gold prices while assessing reserve data. The correction acknowledged that London Bullion Market prices, the benchmark used for valuing the RBI’s gold reserves, showed no decline in holdings and no change in volume.

Rising gold share tells a different story

According to the RBI, official figures tell a different story than the gold sale narrative. As of May 22, 2026, gold’s share in India’s foreign exchange reserves climbed to 16.85%, from 16.70% on March 31, 2026, and way up from 13.92% at the end of September 2025.

The RBI’s Monthly Bulletin, which tracks the central bank’s physical gold holdings, also showed no reduction in reserves. With India’s foreign exchange reserves continuing to remain above $700 billion, as reaffirmed during the latest monetary policy meeting, officials maintain there is no evidence to support claims of an RBI gold sale. The latest clarification from both the RBI and the government is clear: India’s gold reserves remain intact.

Also Read: Did RBI Sell $12 Billion Worth Of Gold To Protect Forex Reserves? What Govt Said On Viral Claim