India Buys A Tonne of Gold. Make that 200 tonnes.
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Last week the Central Bank of India decided to purchase 200 tonnes of gold from the IMF for $1045 US an ounce. It is thought that India much like China is trying to increase their gold reserves as a hedge against the falling US dollar. The 200 tonnes of gold is roughly half of the 403 tonnes the IMF currently has up for sale to tidy up its balance sheet. This sale and other events have caused the price of gold to once again hit record highs at $1100 US per ounce this week.
Reference
http://www.commodityonline.com/news/Why-India-bought-200-tonnes-of-gold-from-IMF-22580-3-1.html
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