Business
Gold Spikes
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Gold prices have spiked after the Reserve Bank of India bought 200 metric tons of gold worth $6.7 billion from the International Monetary Fund.
Countries with large dollar reserves, such as India, China and Russia, are seeking to diversify their holdings as the dollar sinks. Gold is viewed as a hedge against a decline in the dollar and inflation. This represents a major shift as central banks have been moving away from gold since 1991. Presently, central banks hold 26,297 metric tons of gold, which is 10% below the amount in 1991, according to the World Gold Council. GOLD HOLDINGS
(September 2009)
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