Reuters
November 25, 2009
An Indian financial newspaper report suggests that the country is considering buying the remainder of the IMF gold currently up for sale over and above the 200 tonnes it has already bought.
India is open to buying more gold from the International Monetary Fund following its purchase of 200 tonnes earlier this month, the Financial Chronicle newspaper said on Wednesday, helping to drive gold prices to an all-time high.
But India’s central bank governor, Duvvuri Subbarao, declined to comment on whether the bank would buy more gold from overseas, however.
The paper said that subject to acceptable conditions, India’s central bank could well buy the balance of the initial 403.3 tonnes, or one-eighth of the IMF’s total gold holdings, that the Fund had planned to sell.
