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Imf Sale Pact May Prop Up Gold

Our Commodities Bureau  |  BUSINESS STANDARD 

The domestic market precious metals market is expected to gain after the International Monetary Fund (IMF) meeting concludes on the weekend.

The five-year deal between IMF and central banks that limits central bank gold sales to 400 tonnes a year is being reviewed in Dubai on the weekend to be implemented beginning 2004.

The market ended lower amid narrow fluctuations in the current week ended Friday following the fluctuating international prices.

Standard gold ended the week at Rs 5695 per 10 gram, a loss of Rs 15 from previous friday

First Published: Sat, September 20 2003. 00:00 IST