NEW YORK (Commodity Online): Gold prices zoom in the international market as the Indian giant opens its mouth to buyout almost half of the IMF’s 403.3 tons of gold. The spurt in gold prices caused a sharp rise in the gold stocks on the New York bourses today.

After the Indian central bank, Reserve Bank of India (RBI) decided to buy 200 tons of gold from IMF at the average rate of USD 1045 per ounce, the gold price were put on fire crossing USD 1080 in the morning trades on US Commexes.

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The US gold futures scaled an all-time high of USD 1081.70 per ounce in the international market on Tuesday.

Hecla Mining Company (NYSE: HL) shot up by close to 14.5% to USD 4.70 during the noon trading session today, while Anglogold Ashanti Ltd (NYSE: AU) traded with gains of 6.5% at USD 40.23 on NYSE.

In April this year, IMF decided to sell 403.3 tons of gold as part of a plan to shore up its finances and lend at reduced rates to low- income countries. In the last few months, there have been reports that China and India could be the suitors to purchase the IMF gold. Now, India has jumped into the fray by buying almost half of the IMF gold at about $1,045 an ounce.

News led to expectations that IMF's remaining 203.3 tonnes for sale will be concluded with minimal impact to open market. Gold boosted on the notion that India could buy more from the IMF, and news that gold producers could accelerate hedge buybacks should support. Gold's sudden rally supported by heavy buy-stops at USD 1,069 to USD 1,070.