The Reserve Bank of India stated that the report of them selling gold 'is not accurate,' pointing to data that shows their physical gold reserve has remained unchanged. This is reported by Bloomberg.
The latest digits in the monthly bulletin from the Reserve Bank of India show that the physical gold stash has held steady at 880.52 metric tons throughout April. The reserve has remained at this level 'as of the current date,' according to a statement from the central bank on Wednesday.
Separately, the Bureau of Information for the Press stated in a post on X that India's gold share in its currency reserves has pumped up to 16.7% as of March 31, up from about 14% at the end of September.
Bloomberg Economics reported on Tuesday that the central bank likely dumped around $12 billion worth of gold reserves over the two weeks leading up to May 22, while simultaneously stacking up on currency assets worth $7.5 billion.
The latest data as of the end of March shows that the central bank held around 77% of its gold domestically—up from 66% in September.