The gold spot price hit a new high of $1,078 an ounce yesterday after India said that it would buy 200 tonnes of the precious metal from the International Monetary Fund (IMF).
The Reserve Bank of India’s $6.7 billion (£4 billion) deal removed concerns that the IMF’s gold could flood the retail market and weaken prices.
CQT Price at posting:
61.0¢ Sentiment: None Disclosure: Held