| CATEGORY: COMMODITIES |
Russia shelves big gold sale after leak |
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Tue 27 Oct 2009
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LONDON (SHARECAST) - Russia has had to shelve plans to cash in on the high gold price after news of its intended sale of a large quantity of the yellow metal leaked, affecting the price it would receive.
It had been planning to sell between 20 and 50 tonnes, but announced that it will not do so in the reported period.
‘Due to the leak of the information the sale in the reported period and in the reported form will not take place,’ the government agent for precious metal sales said.
Gold reached a high above $1,070 an ounce on October 14. Russia’s planned sale of gold would have amounted to as much as 1.25% of annual global output. The price of gold still sits above $1,040 an ounce.
High gold prices have been fuelled by the decline in the US dollar and concerns over inflation.
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