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

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

Suvashree Ghosh | Bloomberg 

Reserve Bank of India (RBI) Governor Shaktikanta Das at the RBI's fourth Bi-monthly monetary policy review meeting of 2019-20, in Mumbai- KAMLESH PEDNEKAR
Reserve Bank of India (RBI) Governor Shaktikanta Das at the RBI's fourth Bi-monthly monetary policy review meeting of 2019-20, in Mumbai- KAMLESH PEDNEKAR

India’s central bank hasn’t sold any 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 started trading in actively since July, buying 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.

First Published: Sun, October 27 2019. 13:53 IST
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