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China weighs purchase of gold being sold by IMF

CHINA is understood to be considering buying gold being offered for sale by the International Monetary Fund (IMF).

According to Market News International, China is considering buying if the price is right and the return relatively high. Gold, which had dipped just below $1,000 an ounce, rebounded to $1,003.45 after the report. That would put the market value of the 403.3 tonnes on offer from the IMF at close to $13bn. China, the world’s biggest producer and buyer of gold, revealed earlier this year that it had lifted its own stocks of gold to 1,054 tonnes from 400 tonnes when it last reported its holdings in 2003. The IMF formally endorsed a plan on Friday to sell 403.3 tonnes of gold to central banks or in the gold market.