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    RBI is selling some of its gold but remains a net buyer, says report

    RBI is selling some of its gold but remains a net buyer, says report

    RBI is selling some of its gold but remains a net buyer, says report
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    By CNBC-TV18  IST (Updated)

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    The Reserve Bank of India (RBI) has sold gold worth $1.15 billion from its reserves, the Economic Times reported, quoting RBI's weekly statistical supplement data. The report said value of gold in RBI's forex reserves till October 11 stood at $26.7 billion. 

    The Reserve Bank of India (RBI) has sold gold worth $1.15 billion from its reserves, the Economic Times reported, quoting RBI's weekly statistical supplement data. The report said value of gold in RBI's forex reserves till October 11 stood at $26.7 billion.
    The report further said on a net basis, RBI remained buyer of gold as since the beginning of July, it bought gold worth $5.1 billion.
    The report quoted analysts as saying, "The stock of gold in forex reserves has traditionally been revalued only once a month. Any changes in the interim weeks could be attributed to the purchase or sale of gold."
    Sources close to RBI said  it’s likely that the central bank is trading in gold as a part of treasury operations, the way it trades in currencies, the report said.
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