Gold Surges on the back of India’s Huge Purchase
Gold has surged $60 the past week as word got out that the Indian Central Bank bought 200 metric tons of the yellow metal worth apporximately 6.7 billion USD. To give you an idea of how significant this is, it is equivalent to 8% of the total mining of Gold in the World. This led traders to buy up the precious metal and now the market is at significant number of $1,100. This seems to be a small speed bump of what will be higher prices to come.