RBI denies dipping into gold reserves, cites other factors for fluctuations

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.

Reports have appeared in certain sections of media that RBI has been selling/ trading in gold of late. It is clarified that RBI has not sold any gold or trading in it. (1/1)

— ReserveBankOfIndia (@RBI) October 27, 2019

The central bank’s gold reserves is valued at about $27 billion as of October 18, latest data showed.