From mydigitalfc.com comes word this evening that India is considering buying the remaining IMF gold out for sale.  Approximately 201 tons remain available for sale and there was speculation as to exactly who would step forward to buy the gold.  The IMF had stated that any remaining unsold gold would be made available on the open market and presumably would have helped to push down gold prices.

A government official said that the additional purchase would depend on the “successful pitching by RBI”. “RBI is an independent body, and the government does not interfere in its affairs. It will get the gold if its bid is successful and at the price it has offered,” said the official.

This takes any pressure off the market and could clear the way for further gold price increases.  Gold has rocketed approximately 12% in the month of November, as retail and institutional buyers go on a shopping spree to acquire the metal.