New Delhi, Nov 7 (NationPress) The Reserve Bank of India (RBI) has firmly refuted allegations circulating on social media regarding the sale of 35 tonnes of gold from its reserves, labeling these as "unsubstantiated rumours".

In a statement released by the PIB Fact Check Unit on X, the central bank clarified that such a transaction had not occurred and urged individuals to depend solely on official channels for confirmed information.

The RBI further instructed the public to consult its official website for reliable data and updates.

"The Reserve Bank of India, via PIB Fact Check Unit, has dismissed claims of a sale of 35 tonnes of gold from its reserves. The RBI warns against unverified rumours on social media. For authentic information regarding the RBI, please visit the official website http://rbi.org.in," the RBI communicated through its official X account.

This clarification arises during a period of increased global interest and fluctuations in the gold market, as numerous significant central banks are amplifying their gold acquisitions. Particularly, emerging market nations have been boosting their gold reserves to reduce reliance on the US dollar—a trend that gained traction following the freezing of Russia’s reserve assets in 2022.

This strategic accumulation has elevated gold’s portion of total global reserves to over 20 percent, solidifying its reputation as a "sanction-proof" asset.

Simultaneously, analysts observe that the current surge in gold prices is tied to what is referred to as the “debasement trade”—the belief that political instability may weaken the dollar and ignite inflation, prompting investors to seek safety in gold.

Nevertheless, recent market data indicates otherwise, as both the US dollar and Treasury yields have shown stability, challenging the perception of a weakening currency landscape.