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Gold, the ultimate investment fall-back position, drew a record $1,090 an ounce Wednesday.
The upswing is attributed to India's purchase of 220 tons of gold from the International Monetary Fund and weakness in the U.S. dollar (that also is part of the reason oil topped $80 a barrel Wednesday).
Indian officials said the $6.7 billion purchase was an "asset-diversification strategy" and not a repudiation of the U.S. dollar.
The IMF has plans to sell 223 tons of gold to fund zero-interest loans to poor countries and to cover an agency shortfall. China is thought to be a suitor for at least part of that offer, given that Beijing has doubled its gold reserves in recent years.
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