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Gold closes above $1,080 US an ounce

IMF sells gold worth $6.7B US

Last Updated: Tuesday, November 3, 2009 | 4:52 PM ET

CBC News

Gold soared after the IMF sold 200 tonnes to India's central bank. (CBC)Gold prices hit another record, with the December bullion contract on the New York Mercantile Exchange closing Tuesday at $1,084.30 US an ounce, up $30.90.

The jump came after India's central bank bought 200 tonnes of the precious metal from the International Monetary Fund for $6.7 billion. The move was part of an effort to shore up IMF finances and increase low-cost lending to developing countries and raised speculation about more purchases by other central banks.

Gold sub index 3-month chart That led the Toronto Stock Exchange — with its heavy weighting in gold mining stocks — to seesaw through the day. The S&P/TSX composite index, which had been down as much as 124 points, closed up 147.6 points to 11,025.9.

The gold sector finished up more than six per cent. Yamana Gold gained 89 cents, or close to eight per cent, to $12.54 on 10 million shares.

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