According to a Bloomberg Economics report, the Reserve Bank of India (RBI) may have sold approximately $12 billion worth of gold to protect the country's foreign exchange reserves amidst geopolitical tensions in the Middle East. Rising crude oil prices and a weakening rupee have put pressure on forex reserves. To mitigate this, the government also increased gold import duties from 6% to 15%. As of March end, the RBI held 880.52 tonnes of gold, with about 77% stored within India. The report suggests the sale occurred around late May to stabilize the economy. https://sambad.in/india-and-beyond/reserve-bank-sells-gold-worth-12-billion-report-11900651 #creator program