Gold glitters at Rs 16,470

Agencies
New Delhi, Nov 3: 
Gold prices on Tuesday set a new peak at Rs 16,470 per 10 gram in the bullion market here on frantic buying by stockists and jewellers for the ongoing marriage season amid a firming global trend.
Standard gold and ornaments shot up by Rs 280 each to Rs 16,470 and Rs 16,320 per 10 gram, respectively. Sovereign also gained Rs 35 to touch a fresh peak of Rs 13,060 per piece of eight gram.
Marketmen said increased buying by retailers for the ongoing marriage season led to the rise in gold prices. Besides, reports that the yellow metal in the overseas markets spurted to $1,064 last evening as weakening dollar raised the demand for the yellow metal as an alternate investment bolstered trading sentiment.
Buying in precious metal also picked up as some of the the funds were seen shifting from melting equities to the bullion, considering it a safe bet, they said.
The Bombay Stock Exchange benchmark Sensex today closed sharply lower by 491.34 points to close at 15,404.94, a level last seen on September 3.
Silver rose by Rs 200 to Rs 26,550 per kg on emergence of buying by coins manufacturers and industrial units.
Silver ready went up by Rs 200 to Rs 26,550 per kg and weekly-based delivery by Rs 250 to Rs 26,200 per kg. However, silver coins remained at around previous levels of Rs 32,900 for buying and Rs 33,000 for selling of 100 pieces.

IMF sells 200 tonnes of gold to India
Washington: The International Monetary Fund has announced the sale of 200 tonnes of gold worth USD 6.7 billion to India's central bank to shore up IMF finances. The sale to India was nearly half the amount that the Fund has targeted for sale over the coming years. The IMF said the transaction, which was in the process of being settled, involved daily sales that were phased over a two-week period during October 19-30. Each daily sale was conducted at a price set on the basis of market prices prevailing that day, it said, in accordance with the institution's founding document. "I strongly welcome this transaction with the Reserve Bank of India," Dominique Strauss-Kahn, the IMF managing director, said in a statement.