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silversurfer1
22nd September 2009, 11:33
Gold Jumps 2.0% vs. Dollar on Fresh Chinese Whispers, Strong Asian "Re-Stocking"

By: Adrian Ash, BullionVault

Posted Tuesday, 22 September 2009 | Digg This Article | Share this article| Source: GoldSeek.com

London Gold Market Report

THE PRICE OF GOLD rose 2.0% for US-Dollar investors overnight in Asia and London on Tuesday, recording an AM Gold Fix of $1015.75 an ounce as world stock markets also rebounded.

"It's very possible that China buys Gold from the IMF and it's also possible the country buys all of it given its vast forex reserves and relatively low gold holdings," said Qu Mingyi, a gold dealer at Bank of China, in a story published overnight by Market News International.

The Australian newspaper meantime cited a Reuters news story not currently posted online quoting a China central bank official as saying the country had "only" 1,054 tonnes of gold in its official reserves.

The People's Bank of China apparently declined to comment. The International Monetary Fund confirmed on Friday that it will sell 403 tonnes from its hoard to finance development projects in poorer countries, offering gold to central banks before considering steady, pre-announced open-market sales.