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November 2009
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Gold prices surge as India buys IMF reserves

Flashback: Plentiful paper currency buffing gold’s shine | Gold continues record-breaking run | Gold price rises to all-time high | Fisk: Nations to hasten demise of dollar in new world order | IMF approves $13bn gold sale to boost lending fund | Gold regains $1,000 | Gold toys with $1000/oz | Industrial demand for silver sharpens bullish view | Global demand for gold investment soars 38% in past year | The search for the mint’s missing gold | Royal Canadian Mint’s ‘lost’ gold worth a mint | Bullion and Bandits: The Improbable Rise and Fall of E-Gold | Has the Mint’s gold vanished? | Bank crisis spawns new kind of gold rush | Gold Tops $1,000, First Time Since March as Recession Deepens | Manipulation Of Gold And Silver Prices Further Exposed | Analysts Predict Hyper-Inflation To Push Gold To $2000, Oil to $300 | Ottawa warns on gold-backed Web trades

Graeme Wearden, The Guardian
November 4, 2009

Gold hits new high on International Monetary Fund sale, India diversifies reserves as dollar continues to weaken

Gold prices surged to a new high of $1095.05 an ounce this morning following the news that India has purchased $6.7bn (£4.05bn) of gold from the International Monetary Fund.

Yesterday the IMF announced it had sold 200 tonnes of gold to the Reserve Bank of India over the past two weeks. Traders reported that the huge sale had intensified interest in gold, which has now risen by almost 23% this year.

India said it was keen to diversify its reserves away from the US dollar, which has weakened in recent months.

Pranab Mukherjee, India’s finance minister, said: “We have money to buy gold. We have enough foreign exchange reserves.”

Erik Nilsson, senior economist at Scotia Capital, said the deal was “certainly indicative that the monetary authorities in India are not overwhelmingly upbeat about the outlook for the US dollar”.

The dollar has lost 6.5% of its value in the last five months, measured against a basket of other currencies. This has helped to push up the price of commodities priced in dollars, including gold and oil.

The deal underlines how India’s economy has been transformed since 1991, when a financial crisis forced the company to take a loan from the IMF – and ship its gold reserves to London as security.

The IMF declined to say how much India had paid for the gold, saying only that it got “a good price”. It decided two months ago to sell 400 tonnes of gold this year, to raise money to help meet its obligations. In April it promised to lend another $500bn to countries that are suffering from the financial crisis.

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This entry was posted on Wednesday, November 4th, 2009 at 12:27 pm and is filed under economics, money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.