India’s and Russia’s central banks helped push gold to nearly $1,200 an ounce, although their buys amount to minor diversification. Is this a gold bubble?
It’s typical in India for gold demand to escalate during the country’s festive holiday season, which extends from September into January. But it’s not only gift-givers that are scooping up the precious metal this year. India’s central bank is also buying gold, a factor in the yellow metal’s recent surge to nearly $1,200 an ounce.
Central Bank Buying Spurs a Gold Rush – BusinessWeek
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