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FINWIRES

India Central Bank Denies Sale of $12 Billion Gold Reserves

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The Reserve Bank of India denied news reports that it sold gold reserves worth roughly $12 billion in the two weeks through May 22, saying physical stock ​of gold remains unchanged at 880.52 tons.

"The Reserve Bank of India (RBI) has come across reports in certain sections of the media about RBI's sale of gold. The RBI emphasized that these reports are not correct," the central bank said Wednesday.

A recent Bloomberg News report said RBI likely sold gold reserves worth roughly $12 billion in the two weeks through May 22, while buying $7.5 billion of foreign-currency assets.

The story was later retracted by Bloomberg.

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