Jakarta. The World Gold Council (WGC) has clarified its report following Bank Indonesia’s (BI) denial of claims that the central bank sold 11 tons of gold from its reserves.

Shaokai Fan, WGC’s Head of Asia-Pacific (excluding China), said the error likely occurred when the organization received data on global central bank gold transactions from the International Monetary Fund (IMF).

“The initial report showing a gold sale appeared to have an error in the data. I believe the error happened when we received data from the IMF,” Fan told reporters in Jakarta.

“Since Bank Indonesia confirmed the report was inaccurate, we have corrected our data accordingly. There has actually been an increase in Indonesia’s gold holdings in recent months,” he added.

Earlier, WGC Senior Analyst Krishan Gopaul had reported a gold sale by BI amounting to 11 tons in July 2025, based on IMF data on global central bank gold reserves.

“We revised down our initial estimate of global gold reserve increases in July after Bank Indonesia reportedly sold 11 tons,” Gopaul said, as quoted by Kitco News.

Bank Indonesia denied the claim, stating that no such sale occurred.

“In response to reports that Bank Indonesia sold 11 tons of gold, we confirm that the central bank did not conduct any gold sales as stated,” said BI Communication Department Head Ramdan Denny Prakoso in an official statement on Oct. 7.