November 25, 2009 Leave a comment
November 25, 2009 will be counted as another flying colors day for gold, the hottest commodity traded in global markets these days. Gold prices hit a historic record of $1180 per ounce, again on news reports that India is buying more gold from the International Monetary Fund (IMF).
Early this month, India’s central bank—the Reserve Bank of India (RBI)—bought 200 tonnes out of IMF’s saleable 403 tonnes of gold for a price of $1045 per ounce. Since then, gold prices have jumped more than $135 per ounce, may be the biggest rise for gold in the history of bullion trading.
Why is it that the mere news of India or for that any country in the world buying some gold from IMF driving up gold prices to unimaginable levels? Is a gold market hysteria on? Read more of this post