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Gold Soars to New Highs

By Total Trader | Published: 4 November 2009

The price of gold has broken out to another new high this morning following news that India’s Central Bank purchased 200 tons of the metal from the IMF. Previously, the IMF had announced that it would sell around 400 tons, raising speculation that the planned sale would cause a glut of gold in the market. Based on India’s $6.7 billion 200-ton purchase, the market may have an easier time digesting the increased supply than previously thought. The average price per ounce for the Indian Central Bank’s purchase works out to around $1,045. With gold now trading at $1,079, they have already made $218 million (3.25%). Not bad for a few days work!

Gold future

 

Source: Bespoken Research

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This entry was posted in Market Reports and tagged Gold, Gold Etf, Gold Futures, Gold Stocks, Spot Gold. Bookmark the permalink. Both comments and trackbacks are currently closed.
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