Gold News

RBI 'set to Buy Gold again'

India's central bank is considering Buying Gold again to further increase its holdings of the yellow metal, according to reports emerging today (November 25th).

Earlier this month, it purchased 200 tonnes of gold from the International Monetary Fund (IMF) in order to diversify away from the ever-decreasing US dollar.

However, the IMF is still believed to have a further 200 tonnes to sell and the Financial Chronicle newspaper suggested that the Reserve Bank of India (RBI) is "open to buying it".

"(The) RBI is an independent body and the government does not interfere in its affairs," a government official told the publication.

"It will get the gold if its bid is successful and at the price it has offered."

The central banks of Russia and Sri Lanka have also announced separate purchases, while Vietnam has imported 6.8 tonnes so far this month, according to state broadcaster VTV.

Mark Pervan, a commodity strategist for ANZ Banking Group, explained that this type of trend buying is undoubtedly positive news for anyone with a Gold Investment.

"The additional stimulus for gold is the increased demand emerging from central banks, who are now keen to diversify away from the falling value of dollar reserves," he told Bloomberg.

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