The International Monetary Fund announced today the sale of 200 metric tons (440,924 pounds) of gold to the Reserve Bank of India.
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The transaction, which is in the process of being settled...total sales proceeds are equivalent to US $6.7 billion or SDR 4.2 billion. ~ imf press release
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Pranab Mukherjee, India’s finance minister, said the acquisition reflected the power of an economy that laid claim to the fifth-largest global foreign reserves: “We have money to buy gold. We have enough foreign exchange reserves.”
He contrasted India’s strength with weakness elsewhere: “Europe collapsed and North America collapsed.”
The purchase by New Delhi’s Reserve Bank from the International Monetary Fund pushed gold prices to a record $1,086.10 per troy ounce, up 2.6 per cent on the day, as traders bet that other central banks would also become buyers.~ financial times gold hits record high on india purchase
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