Gold has rallied to a near-record high as the result of the purchase of ten tonnes of bullion by Bangladesh from the International Monetary Fund.
The move, which was worth approximately $400 million (£259 million), highlights the increased interest with which central banks and sovereign wealth funds are viewing gold as a safe haven asset, the Financial Times reports.
Several countries in Asia have made similar purchases recently, despite the fact that the trend during the 1990s and 2000s was for countries to sell off their gold supplies.
Gold prices reached an all-time high of $1,264.90 in mid June, a figure that is likely to be overtaken shortly.
Spot prices reached $1,256.75 per troy ounce yesterday (September 9th) in London following the IMF's announcement of the gold sale to the Bangladesh Bank.
The intergovernmental organisation said in a statement: "This transaction is part of the total sales of 403.3 metric tons approved by the Executive Board in September 2009.
"It adds to the total sales to official holders of 212 metric tonnes made to the Reserve Bank of India, the Bank of Mauritius, and the Central Bank of Sri Lanka."
