Modi Govt Rejects 'Gold Sale' Report, Calls Claim 'Fake'; RBI Says 'Physical Stock Unchanged'| WATCH

Added: 2026-06-03

[00:00:00]Now coming in over political row over reports claiming that the Reserve Bank of India had sold large quantity of gold. The government has now moved the counter narrative with the press information bureau of the PIB is fact-check. The unit that is now labeled the claim to be as fake. Authorities have clarified that the RBI's gold holdings remain unchanged and rejected the media and social media reports suggesting any gold sale. Let's uh connect with Pragya on this. So Pragya, this is now coming in from the RBI as far as India's share of gold and foreign exchange reserve actually has gone up significantly between September 2025 and May 2026 and the PIB doing a fact-check on these claims.

[00:00:37]>> Absolutely, Amita. And it was very important for the government to fact-check this because many of the opposition leaders had in fact started attacking the government on the same. In fact, the fact-checking unit said that you know, the physical stock remained the same at 880 ton. And in fact, not just that, India's foreign exchange reserves have actually increased in recent months. You rightly said that it has increased from September 2025.

[00:01:00]And you know, today it stands at 16.85% whereas in 2025 it was 13.92%.

[00:01:06]Uh you know, PIB in its statement has also said that RBI's monthly bulletin shows that the physical gold stock remains unchanged. So this is a clarification that is coming from the RBI itself and also the government reiterating what RBI is fact-checking right now saying that we have not sold any of the gold holdings. Uh our gold holdings physical stock is same and in fact, we have just now increased the foreign India's gold in share of gold in India's foreign exchange reserves. So this clearly amplify, clarify the story that has been put out by one of the media houses saying that you know, there is no sale of gold as such. And in fact, the physical stock as well as there is an increase in forex as far as gold share is concerned.

[00:01:51]>> All right, there's another development because if these media reports are to be believed, however, the fact-check says that what was it indicating? Did RBI actually sell you know gold reserves?

[00:02:02]Because according to an analysis by a senior Indian economist Abhishek Gupta at Bloomberg economics the Reserve Bank of India may have sold approximately 12 billion US dollars worth of gold reserves in just two weeks the fortnight ending 22nd of May 2026.

[00:02:17]Now the report says that the RBI simultaneously used a portion of those proceeds to add about 7.5 billion US dollars in foreign exchange assets. And you know this media report basically concludes that India central bank has quietly liquidated a significant chunk of its gold holdings to defend the rupee and to cushion the country from an economic shockwaves of the Iran war. And that is completely Pragya that has now been shut down on part of the authorities especially when it comes to the RBI denying these reports.

[00:02:46]>> Absolutely. In fact there are many expert in the government also who are saying that you know the value of the gold reserve can fluctuate significantly but that does not mean that you are selling the gold you know physical stock at least of the gold. The claims that have been made by Bloomberg has been fractured by the government and RBI itself saying that you know this is this is sheer fear mongering. We are not doing anything like that and in fact we have many options to improve our forex exchange.

[00:03:14]One of them is appeal that has been made by the prime minister to not buy gold for a year and in fact not to travel unnecessarily travel abroad. You know there are many reasons why the analysis that has been put out by Bloomberg they reached to this particular conclusion but they should have you know at least clarified and spoken to the government sources or got some you know the substantiated proof of that.

[00:03:38]>> Yeah.

[00:03:38]>> Many central banks may mark their gold holdings you know to prevailing >> Yes.

[00:03:43]>> So the fact check is necessary and also the bank has taken physical stock of the gold that still remains unchanged at 880.52 tons as of till date. So, let's get you exactly when it comes to this explainer because September 2025 13.92% and this has gone up to 31st of March in 2026 to 16.70% and in by May 2020 uh you know, 22nd of May 2026 it is 16.85%.

[00:04:12]So, this is now coming in uh from the PIB fact check as far as which is now necessary but the Press Information Bureau issuing this formal fact check uh the media report stating on RBI gold sales and the PIB uh which is the government's official communication arm has called this report to be fake citing RBI data to argue that not only did India not sell gold but the share of gold of India's foreign exchange reserves has actually gone up.

[00:04:39]>> This Prime Minister and Finance Minister were uh continuously talking about the uh this 3 million 3 trillion-dollar economy. Now, what happened? We have reduced to the seventh position according to the media reports. Okay.

[00:04:52]So, the economy is in crisis and the Prime Minister and the Finance Minister is advising people to take certain austerity measures. So, it all shows that we have to face a very tough year.

[00:05:03]Coming months uh will be very difficult for a as far as a common man is concerned. Now, I think Nirmala Sitharaman and Prime Minister cannot boast like >> Well, the fact check has been necessary to uh you know, avoid any reports of fear-mongering or spreading panic. Thank you very much Pragya for joining us here on the broadcast because I had to cut it short.