Bloomberg faced significant backlash after retracting a story that inaccurately claimed the Reserve Bank of India (RBI) had sold part of its gold reserves. The report, published on June 2, was based on flawed analysis suggesting that the RBI offloaded gold to protect foreign-currency assets amid the Iran war's fallout. The Press Information Bureau (PIB) was the first to debunk the claim, highlighting that RBI's gold holdings had not declined and had actually increased as a percentage of total foreign exchange reserves. The RBI confirmed that its physical gold stock remained at 880.52 metric tonnes and urged reliance on official data. Following the uproar, Bloomberg retracted the article, admitting a methodological error in its analysis. The retraction, however, did not quell criticism, as many social media users expressed frustration over the initial report's extensive reach and the perceived negative framing of India's economy by Western media. The incident has sparked broader discussions about the reliability of financial reporting and its implications for public perception.