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Bullion slumped 2.6 percent yesterday as the dollar strengthened and after Lee Eung Baek, head of reserve management at the Bank of Korea , described gold as an “illusion” and said the bank is unlikely to raise holdings.

According to GATA (Gold Anti Trust Action Committee), about 15000 tonnes of gold has been loaned by the Central banks to the Bullion banks for which they paid about 1% per annum. The Bullion banks then sold the “loaned” gold on the open market and invested the proceeds at 6-7% per annum.

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Reserve Bank of India (RBI) has kept the key rates like cash reserve ratio (CRR), repo rate and reverse repo rates unchanged in its mid-term credit policy that was released by the central banker of India today.

Gold buyers paused for breath on Friday after a pick-up in sales the previous day, when India, the world's largest consumer, celebrated Dhanteras, the biggest gold buying festival, dealers said.

World stocks rose while gold hit another record high and the dollar weakened on Wednesday after Federal Reserve minutes expressed confidence

Since the worst is over in so far as global financial crisis goes, the Reserve Bank of India (RBI) has promised to focus more on addressing the biggest challenges of the country’s financial system and push equitable growth.

Gold declined in Asia after climbing to the highest price since July as the deepening global financial crisis drove investors to buy gold as a store of value.Low interest rate environments and spending by governments also prompted investors to purchase gold as an alternative to declining currencies. Gold priced in euros, pounds, Australian and New Zealand dollars, and South African rand all hit records yesterday .

The Reserve Bank of India (RBI)on Wednesday fixed the reference rate for the US currency at Rs 47.13 per dollar and the single European unit at Rs 69.41 per euro.