The Reserve Bank of India has refuted a media report suggesting it sold a portion of its gold holdings.

On Wednesday, the central bank issued a denial of a Bloomberg News article, which had speculated that the bank might have sold approximately $12 billion worth of gold reserves in the two weeks leading up to May 22nd.

In an official statement, the RBI clarified that its physical gold holdings have remained steady at 880.52 tonnes.

"The Reserve Bank of India has noted certain media reports stating that the Bank has sold gold. The Reserve Bank clarifies that these reports are incorrect," the bank stated.