‘Unsubstantiated rumours’: RBI dismisses reports of selling 35 tonnes of gold

New Delhi, Nov 7 (SocialNews.XYZ) The Reserve Bank of India (RBI) on Friday denied social media claims that it sold 35 tonnes of gold from its reserves, calling them "unsubstantiated rumours".

In a post shared by the PIB Fact Check Unit on X, the central bank clarified that no such sale had taken place and urged the public to rely only on official sources for verified information.

The RBI also advised users to refer to its official website for accurate data and updates.

"Reserve Bank of India, through PIB Fact Check Unit, has debunked claims that 35 tonnes of gold have been sold by RBI from its reserves. RBI cautions against unsubstantiated rumours on social media. For any information pertaining to RBI, please visit the official website http://rbi.org.in," the RBI posted on its official X handle.

The clarification comes amid heightened global interest and volatility in the gold market, as several major central banks continue to ramp up their gold purchases. Emerging market economies, in particular, have been increasing their gold holdings to diversify away from the US dollar — a trend that gained momentum after the freezing of Russia’s reserve assets in 2022.

This strategic accumulation has pushed gold’s share of total global reserves to over 20 per cent, reinforcing its status as a "sanction-proof" store of value.

Meanwhile, analysts note that the ongoing rally in gold prices is also linked to what’s known as the “debasement trade” — the idea that political uncertainty could weaken the dollar and fuel inflation, prompting investors to turn to gold as a safe haven.

However, recent market data suggests otherwise, as both the US dollar and Treasury yields have remained stable, contradicting the notion of a weakening currency environment.

Source: IANS