India could buy rest of IMF gold on offer

India is open to buying more gold from the International Monetary Fund following its purchase of 200 tonnes earlier this month, the Financial Chronicle newspaper said on Wednesday, helping to drive gold prices to an all-time high.

But India’s central bank governor, Duvvuri Subbarao, declined to comment on whether the bank would buy more gold from overseas, however.

O V E R I D E THE G O L D R U S H

The paper said that subject to acceptable conditions, India’s central bank could well buy the balance of the initial 403.3 tonnes, or one-eighth of the IMF’s total gold holdings, that the Fund had planned to sell.

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