WASHINGTON (Commodity Online): With India bagging 200 tonnes of the International Monetary Fund Gold at around $6.7 billion, the fund is now looking for an equally lucky deal for the remaining 204 tonnes of gold which it intends to sell soon.

According to the IMF, it got good price for the 200 tonnes it sold to India and looking for ward to a similarly “lucky” deal in the next phase of sale.

The sale price of gold to the RBI is expected to be under $1,045 per ounce, nearly $200 per ounce higher than what IMF would have been anticipated in mid-September.

ALSO READ: After India, China may buy IMF gold
                        Why India bought 200 tonnes of Gold from IMF

When the IMF executive board at its meeting on September 18 announced to sell 403.3 tonnes of gold — one-eighth of the Fund’s total holding — the prevailing market price of the bullion at that time was about $850 an ounce.

The IMF, in pursuance of the decisions taken at the G-20 summit in London, had decided to sell about 403.3 tonnes of gold to shore up its finances so that it can lend money to the poor countries at concessional rates.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook