Gold: RBI turns surprise buyer

Leading buyer

Mumbai/Washington: The International Monetary Fund has sold 200 tonnes of gold to the Reserve Bank of India (RBI) for $6.8 billion, quietly executing half of a long-planned bullion sale that has threatened to slow gold's ascent.

The sale, which surprised traders who expected China to be the leading buyer, will relieve the gold market of some uncertainty over how and when the IMF would sell 403.3 tonnes of gold, about one-eighth of its total stock. The deal will increase India's gold holdings to the tenth largest among central banks.

Text and Images courtesy: Reuters

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