The Reserve Bank of India has refuted reports that it has been selling or trading in gold. The central bank stated that the fluctuation in its gold reserve values was due to change in revaluation frequency, which depends on international prices of gold and exchange rates.
"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," RBI said in a series of tweets. "The fluctuation in value depicted in Weekly Statistical Supplement (WSS) is due to change in frequency of revaluation from monthly to weekly basis and is based on international prices of gold and exchange rates."
Data in weekly statistical supplement (WSS) by RBI had suggested that since July, the beginning of its business year, the apex bank had bought gold worth $5.1 billion and sold around $1.15 billion.
As on October 25, the value of the gold reserves increased by $82 million to $26.861 billion for the week, RBI data showed.
ALSO READ: Gold, silver sales down by up to 40% this Dhanteras
ALSO READ: RBI tells banks to not send agents to do KYC for retail loans, credit cards