KLTM
                 28 July29 July
 Tin19,24019,280
 LME
 27 July
28 July
 Tin 19,50019,410
 Nickel 20,72520,435
 Copper 7,091.57,120
 Gold 1,168
n.y.a
 Silver 1,8161,763
 Aluminium 2,0452,059
 Steel(billets)445
n.y.a
In tonnes except gold & silver in troy oz
India buys half of IMF’s gold for sale, pays US$6.7b (04ONov09)
The International Monetary Fund (IMF) has sold 200 tonnes of gold to the Reserve Bank of India for US$6.7 billion.  The deal 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) and will increase India’s gold holdings to the tenth largest among central banks.  The speed at which the deal was done and to India instead of China, had surprised traders.

 

 India’s central bank forex reserves totalled US$285.5 billion on October 23, of which gold comprised just over US$10 billion.  The latest purchase will lift its gold holdings, which had fallen over the past decades, from near 4% to about 6%, much less than most of the developed world but four times China’s share.

Spot gold prices rose about US$4 to US$1,063 an ounce yesterday, just shy of last month’s US$1070.40 record high.

(Source: New Straits Times 04 November 2009)

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