India’s Reserve Bank bought 200 tonnes of Gold from IMF. The $6.7B buy might have surprised many. Exactly a decade ago, federal banks across the globe moved away from gold reserves causing the gold to fall heavily. Now the world seems to be moving in the other direction.
The gold prices are hitting the roof time and again. Consumer gold prices have almost doubled in about a couple of years, as far as I can remember. The price of Rs 8300 is frowned upon, in the second half of 2007. Now the prices are hovering around double that figure.