NEW YORK (Commodity Online): Once upon a time India was the pace of gold and diamonds and gems. The West weaved stories about the East's diamonds and gold where rich kings used to posses huge quantities of gold and flaunted it before others. And, then came the plundering of India's wealth by several forces which invaded it. And by the time India got Independence, the diamonds and gold had gone. After that there was a time when India had to pawn its possession of gold to get loans from international bodies to tide over a crisis. That story has changed now. This week India has shown its might again to the world by buying 200 tonnes of IMF gold beating China in the bid. This one action has influenced bullion market so much that the gold prices soared to an all time high and was in kissing distance from $1,100 per ounce this week. This unimaginable rise of gold prices has given hope to investors across the world that they now expect the yellow metal to touch $1,500 per ounce in the...
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