IMF Gold Buying from the US 'could have positive impact'
UBS analyst John Reade explained today (June 19th) that the US government's decision to approve sales of International Monetary Fund gold will not have a negative impact on Gold Prices.
The Senate announced yesterday that it has approved plans to sell 400 tonnes of the yellow metal from the IMF's hoard, a move which has been in the pipeline for some time.
Although the exact details of the transaction are unclear at this stage, Mr. Reade stated in an interview with Reuters that it could ultimately lead more investors to Buy Gold in the long run.
"There are lots of uncertainties regarding the sale but we do not expect this to be a negatively disruptive factor to the gold market," he told the news provider.
"If the gold is taken by other official sector buyers [it] could be a very positive development for the market."
Meanwhile, Indian consumers will be able to engage in the online trading of domestic gold delivery bars for the first time from the end of June onwards.
At present, buyers can only snap up imported bars certified by the London Bullion Market Association but the new developments were unveiled on Monday.
"The technical committee of [the] Indian Bullion Market Association has approved the terms and conditions for Indian gold delivery bar and by June-end the online trading is expected to start," said National Spot Exchange managing director and CEO Anjani Sinha in an interview with the Economic Times.
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