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24 July 2017 14:40 (South Africa)

Gold producers have India to thank for sustained high prices

It was announced on Tuesday the International  Monetary Fund had sold 200 metric tons of gold worth $6.7 billion to India's central bank during a two-week period in October. IMF is the third largest official holder of gold in the world with 3,217 metric tons, after the US and Germany, and the sale to India forms part of total sales of 403 metric tons of gold the institution is selling to extend more inexpensive loans to developing countries. The sale came when other big buyers, such as Russia and China, are actively reducing their exposure to dollar-denominated securities, with China seen as the future biggest gold buyer globally. Read more: AP

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