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US gold hits record high $1,081.70/oz on IMF sale
Posted By admin On November 3, 2009 @ 11:37 am In Featured Stories | Comments Disabled
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/].
* 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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