The Reserve Bank of India said on Sunday that it had not sold any gold and was not trading in the yellow metal.
The statement from the central bank in a series of tweets came in the wake of reports stating that it had been selling its gold reserves.
'Reports have appeared in certain sections of media that RBI has been selling or trading in gold of late,' the central bank said in one of the posts on Twitter.
The RBI said that the fluctuation in the values depicted in its Weekly Statistical Supplement was due to the change in frequency of revaluation from monthly to weekly. The fluctuation was based on international prices of gold and exchange rates, the Reserve Bank of India added.