Gold News

Gold is trading at $1085 as of 20:55pm, GMT with a bullish trend. Gold’s Pool-position is 89% Long, meaning that most Finotec clients are buying the precious metal.

Gold surges to above $1,080 as the IMF sells 200 tones to India

Gold is trading at $1085 as of 20:55pm, GMT with a bullish trend. Gold’s Pool-position is 89% Long, meaning that most Finotec clients are buying the precious metal.

Gold jumped to a record high above $1,080 an ounce on Tuesday, defying dollar strength as the International Monetary Fund’s 200 tonne sale of gold to India’s central bank boosted sentiment toward the precious metal. The IMF said on Monday it had sold 200 tonnes of gold to India for $6.7 billion. The sale lifted some uncertainty from the market by helping soak up potential supply. Stephen Briggs, commodity strategist at RBS, said gold has clearly broken away from the relationship with the dollar. “We wouldn’t be surprised to see $1,100. It’s gone up $25 in the space of half an hour, so how can one say?” Gold is trading at $1085 as of 20:55pm, GMT with a bullish trend. Gold’s Pool-position is 89% Long, meaning that most Finotec clients are buying the precious metal.