India buy 200 tons of Gold from IMF

Image via Wikipedia

India is a gold crazy country,and central bank has done what most of Indians do when they have money. They buy gold.
I have always been saying that USD will correct if not against all currencies. a least against INR. most of India's reserves are in USD and in a scenario when USD corrects, gold will be a good bet. this will also diversify India's portfolio which is sitting with reserves of more then 250 billion.

Related articles by Zemanta

• GOLD HITS RECORD HIGH ON LOSS OF FAITH IN DOLLAR: "Gold prices on Tuesday surged to an all-time hig... (pajamasmedia.com)