Gold Trades Near Record as Indian Central Bank Buys From IMF

Claudia Carpenter
Bloomberg
November 3, 2009

[efoods]Gold traded within 0.5 percent of a record after India’s central bank bought 200 metric tons of the metal from the International Monetary Fund, heightening speculation about more official purchases.

“It’s positive in many ways,” said James Moore, an analyst at TheBullionDesk.com in London. “It suggests central banks, rather than being net sellers, are now looking at becoming net buyers. It’s a surprise because everybody was talking about China being the buyer.”

December-delivery gold climbed as much as $12.90, or 1.2 percent, to $1,066.90 an ounce on the New York Mercantile Exchange’s Comex division and was at $1,058.70 at 8:45 a.m. local time. The record was $1,072 an ounce on Oct. 14.

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