Gold prices on Tuesday surged to an all-time high after India’s central bank bought 200 tonnes of the metal from the IMF, swapping dollars for bullion as the country’s finance minister warned that the European and US economies had “collapsed”. India’s move to exchange $6.7bn for gold equivalent to 8% of world annual mine production sent the strongest signal yet that Asian countries are moving away from the US currency. The move pushed gold prices up 2.6% to a record $1,086.10 per troy ounce, as traders bet that other central banks would also become buyers.
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