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Gold soars after India bulks up

Nov 04, 2009 (The West Australian - ABIX via COMTEX) -- By Lucy Battersby

Company: Bank of India (BKIAF)

A large purchase by the Reserve Bank of India has lifted the price of gold close to its record high level. The central bank bought 200 metric tonnes of gold from the International Monetary Fund for $US6.7 billion ($A7.5 billion), to help manage its foreign exchange reserves. The price of gold was $US1,063.97 an ounce on 3 November 2009.

Publication Date: 4 November 2009 

RESERVE BANK OF INDIA
INTERNATIONAL MONETARY FUND
RESERVE BANK OF AUSTRALIA
STANDARD AND POOR'S ASX 200 INDEX
NEWCREST MINING LIMITED - ASX NCM
LIHIR GOLD LIMITED - ASX LGL
ST GEORGE BANK LIMITED
WESTPAC BANKING CORPORATION - ASX WBC

Copyright (C) 2009 ABIX. All rights reserved

News Provided by COMTEX

Company: Bank of India (BKIAF)


Related terms: australia, bank, banking, foreign exchange reserves, gold, index, india, international monetary fund, mining

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