The bank is due to review the monetary policy on July 30.
Media has raised the issues that new pricing to benefit Reliance Industries.
India's gold imports could pick up in the next few months after slumping 81 percent in June as falling prices spur buying, a government source said, adding to New Delhi's anxiety over a record-low rupee and a wide current account deficit.
India sharpened measures to curb imports of the yellow metal by hiking the import duty and restricting consignment imports, after shipments jumped to more than 300 tonnes in April and May.
The rupee fell to an all-time low of 61.21 on Monday, sparking speculation about potential measures from the Reserve Bank of India, including providing a special window for oil companies to buy dollars.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
The Reserve Bank of India has cut repo rates, the rate at which it lends money to banks, by 75 basis points since January this year, but most banks have not lowered lending rates.
It may widen because of money outflows.
India's current account deficit hit a record high 4.8 per cent of gross domestic product in the fiscal year that ended in March
India's biggest jewellers' association has asked members to stop selling gold bars and coins.
Rupee, he said, is not in shambles and "we should not be overtly pessimistic".
India has been struggling to control the current account deficit that hit an all-time high of 6.7 percent of GDP in the December quarter.
Two senior ministry officials, who declined to be named, said the aim was to attract more capital flows from wealth funds in West Asian countries.
Earlier, Finance Minister P Chidambaram had said he thought the figure was 262 tonnes.
They are paying a premium of Rs 700 - Rs 1,500 per 10 gm.
Overall, merchandise imports rose 10.9 per cent to $41.95 billion.
His officials are working on a series of steps to attract at least $20 billion in new investment to fund the deficit without depleting India's $300 billion in forex reserves.
Jeweller and importers were awaiting the correction to stock the yellow metal for upcoming marriage season.
The company has flouted green norms at its plant in Tamil Nadu, a judge said.
Smelter produces more than 300,000 tonnes a year to supply half of India's domestic copper needs.
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