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Sun 27 Oct 2019 11:43 AM

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India central bank denies reports of selling gold from reserves

The Economic Times had reported on Friday that the Reserve Bank of India started trading in gold actively since July

India central bank denies reports of selling gold from reserves

The Economic Times had reported on Friday that the Reserve Bank of India started trading in gold actively since July.

India’s central bank hasn’t sold any gold recently nor is trading in the metal, the monetary authority said in a tweet on Sunday.

The Economic Times had reported on Friday that the Reserve Bank of India started trading in gold actively since July, buying gold worth $5.1 billion and selling $1.15 billion worth. The newspaper cited data from the RBI’s Weekly Statistical Supplement.

“The fluctuation in value depicted in Weekly Statistical Supplement is due to change in frequency of revaluation from monthly to weekly basis and is based on international prices of gold and exchange rates,” the RBI said in the tweet. The central bank’s gold reserves is valued at about $27 billion as of October 18, latest data showed.

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