Mumbai: The Indian government has dismissed media reports suggesting that the Reserve Bank of India (RBI) sold gold reserves to protect the country’s foreign exchange holdings. The clarification came after a report published by The Wall Street Journal (WSJ) claimed that India was considering measures linked to gold purchases and reserves amid pressure on forex assets.
According to government sources, there has been no sale of gold by the RBI for defending the country’s foreign exchange reserves. Officials termed such reports inaccurate and misleading.
Reports Linked Gold Concerns With Forex Pressure
The clarification followed concerns raised in a Wall Street Journal report, which discussed India’s foreign exchange reserves and the broader economic impact of rising global uncertainties. The report suggested that the country was taking steps to reduce pressure on forex reserves as global economic conditions remained volatile.
However, government officials stressed that India’s forex reserve management remains stable and that there has been no move involving the sale of RBI-held gold reserves.
RBI Continues Monitoring Forex Situation
India’s foreign exchange reserves have recently witnessed fluctuations due to changing global market conditions, currency movements, and external economic pressures. The RBI routinely manages reserves through a combination of foreign currency assets, gold holdings, Special Drawing Rights (SDRs), and reserve positions with the International Monetary Fund (IMF).
Officials reiterated that the central bank follows established reserve management practices and that no extraordinary measures involving gold sales have been initiated.
Forex Reserves Remain Under Watch
Recent RBI data showed a decline in India’s forex reserves, driven partly by changes in gold valuation and foreign currency assets. Reports by Reuters and PTI noted that the central bank has been active in managing currency volatility amid global economic uncertainties.
Despite the fluctuations, authorities maintained that India’s external sector remains adequately supported and that speculative claims regarding gold reserve sales are unfounded.
Government Counters Speculation
The Centre emphasized that the country’s financial institutions continue to operate within a robust framework designed to maintain macroeconomic stability. Officials also underlined that reports about RBI selling gold reserves should not be treated as factual.
The Wall Street Journal report had triggered discussions around India’s reserve management strategy, but government sources said the interpretation was incorrect and lacked official confirmation.
Also Read: Gold and Silver Prices Today: Latest 24K, 22K Gold and 999 Silver Rates Across Major Indian Cities
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