Asian Voice

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FIRST & FOREMOST ASIAN WEEKLY IN EUROPE

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VOICE

Let noble thoughts come to us from every side

VOL 38. ISSUE 27

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of the developed world but four times China’s share.

Gold prices in India saw an all-time high of Rs. 16,235 for 10 gramms in early trade on the Mumbai bullion market on Tuesday, on persistent buying from stockists on the back of higher global advices. Silver, the other precious metal declined on lack of industrial demand at higher levels. Continued on page 24

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leading buyer. Reserve Bank of India had given few indications of being a front-runner in the move to diversify into bullion. The proportion of gold as part of its total foreign reserves had fallen over the past decades, officials said. India's foreign exchange reserves held at the RBI totalled $285.5 billion as on 23rd October. Gold comprised just over $10 billion of it. The latest purchase will lift the share of gold holdings from near 4 percent to about 6 percent, much less than most

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Sri Lankan army chief faces questioning over 'war-crimes' Sri Lanka's army chief faces questioning by the US government over alleged war crimes committed during the country's war with the Tamil Tigers. The Colombo government held "very high-level" talks to prevent General Sarath Fonseka, currently visiting Oklahoma, from being Lt Gen Sarath Fonseka quizzed over his conduct during the conflict against the Tamil Tigers, an official said on Sunday. But the Sunday Times newspaper in the Sri Lankan capital said Gen Fonseka had been asked to present himself for an interview with the Department of Homeland Security on Wednesday. The UN has previously said that an inquiry was needed to determine culpability. Continued on page 2

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Gold prices in India at an all time high

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Gold prices at a new peak in India

the IMF's limited gold sales program, which are to help put the fund's finances on a sound longterm footing and enable us to step up much-needed concessional lending to the poorest countries,” Dominique Strauss-Kahn, the IMF managing director, said in a statement. The 186-nation institution announced on September 18 that the gold sales would be conducted in such a way as to safeguard disruption of the gold market. The sale surprised traders who expected China to be the

7th November to 13th November 2009

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India buys 200 tonnes of gold from IMF The International Monetary Fund (IMF) completed a deal to sell 200 tonnes of gold to Reserve Bank of India. An announcement to the effect on Monday said the sale was worth US$6.8 billion. Even as the deal was announced, the prices of the yellow metal in India scaled a record high of Rs. 16,235 for ten grams on Tuesday. IMF had in September announced the programme to sell 403.3 tonnes of gold after a decision by the executive board. This sale to India represents nearly half of the quantum to be sold. It is being done to shore up the finances of the fund. This is first such sale by IMF in nine years. India bought the yellow metal over a period of 11 days – from October 19 to 30, on a daily sales base, at the market prices for the day. Under the fund's Articles of Agreement, all gold sales must be based on market prices. “This transaction is an important step toward achieving the objectives of

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