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The International Monetary Fund (IMF) reported last week that Bangladesh bought 10 tons of Gold for $403 million. The gold was sold for the spot price as of Tuesday, the 7th of September, at around $1,250 per troy-ounce close, near an all-time high.
The gold sold was part of the 403.3 tons that the IMF sold since September 2009 to bolster its cash reserves. It is meant to give the IMF a larger capacity to bail out nations in an emergency situation, and to allow for more credit for poor countries.
Two months after the announcement last year, India bought over half of the total. It purchased 212 tons of gold in November for a price that was considered very high at that time. The buy, combined with the looming bankrupcy of Dubai and the start of the Greece debt worries, helped to drive the gold price to a peak of $1,220 per ounce at early December 2009.
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Bangladesh's gold purchase, although much smaller than India's, comes again at a critical point in time for the price of gold. The next few weeks will decide if gold will break through the record-price level at $1,260, entering uncharted areas, or if the price will remain in its range betwee n $1,100 and $1,250 per ounce as it has for nearly a year.
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