India Bought 200 metric tons of gold from IMF

Buying Gold as Foreign Exchange

Yesterday India bought 200 metric tons of gold from IMF. Earlier this year IMF had announced that it is willing to sell 400 metric tons of gold to rais the funds. IMF will use these funds to lend developing countries for the development. India had bought half that gold, it resuts the new high for gold prices.

In the recent days, value of the dollar currency is weakening against other curnnencies. It is main reason why countries want to invest in the gold which isconsidered as the global currency and later easy to convert to money. The following is the list of larhest holder of gold:

• USA
• Germany
• IMF

Although India is the world’s biggest consumer of gold, primarily in the form of jewellery and investmen.See the below diagram for largest holding of gold by countries:

With this buy, India had positioned good tie with IMF and it is better move. Now who will buy next. May be china will try to buy the remaining gold because India had bought and India already have good relation with IMF for taking any decision on the global issues. We will wait and watch.

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