US gold hits record high $1,081.70/oz on IMF sale

Reuters
Tuesday, Nov 3rd, 2009

U.S. gold futures scaled an all-time high $1,081.70 an ounce on Tuesday, surpassing the previous record set Oct. 14, boosted by technical buying and news of a gold sale by the International Monetary Fund (IMF) to India.

 For the latest detailed report, click on [GOL/].

 GOLD

 * December gold GCZ9 up $23.10, or 2.2 percent, at
$1,077.10 an ounce at 11:13 a.m. EST (1613 GMT) on the COMEX
division of NYMEX.

 * Ranged from $1,055.50 to $1,081.70.

 * Gold futures buying increased after the IMF sold 200
tonnes of gold to the Reserve Bank of India. [ID:nN02468120]

 * News led to expectations that IMF's remaining 203.3
tonnes for sale will be concluded with minimal impact to open
market. [ID:nDEL484779]

 * Gold boosted on the notion that India could buy more from
the IMF, and news that gold producers could accelerate hedge
buybacks should support - Heraeus.

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