RBI quashes reports of it selling gold reserves; central bank says it has not sold any gold or traded in it

The Reserve Bank of India (RBI) on Sunday clarified that it had not sold any of its gold reserves or done any trading in the yellow metal.

The Central bank’s announcement, in a series of tweets, came in the wake of media reports which stated that the RBI has been selling its gold reserves, ANI said.

Reports have appeared in certain sections of media that RBI has been selling/ trading in gold of late. It is clarified that RBI has not sold any gold or trading in it. (1/1)

— ReserveBankOfIndia (@RBI) October 27, 2019

Further clarifying on the media reports, RBI said in another tweet,

The fluctuation in value depicted in Weekly Statistical Supplement (WSS) is due to change in frequency of revaluation from monthly to weekly basis and is based on international prices of gold and exchange rates. (2/2)

— ReserveBankOfIndia (@RBI) October 27, 2019

According to a report in The Economic Times, the Reserve Bank has been selling gold from its reserves. The report said RBI has bought gold worth $5.1 billion and sold about $1.15 billion of gold since the start of its business year in July. The value of gold in the country’s forex reserves amounted to $26.7 billion on 11 October.

The media reports cited RBI’s Weekly Statistical Supplement (WSS) data according to which it bought gold worth $5.1 billion and sold about $1.15 billion of its gold reserves.

--With inputs from ANI