Directions : In each of the following questions a statement is given, followed by two conclusions. Give answer :

Statements : The Bank of England's move to auction 25 metric tons of gold drew plenty of bidders looking for a bargain, but was criticised by major gold producers worldwide.

Conclusions :
I. The Bank of England should not auction gold which it possesses to keep steady international prices of gold.
II. Bidders should quote higher gold prices to retain present value of gold in the international markets.

1Only conclusion I follows
2Only conclusion II follows
3Either I or II follows
4Neither I nor II follows

Answer:- 1

Explanation:-

Solution:

The statement does not talk against the auction but only speaks of the response it received from the bidders and gold producers. So, I does not follow. The phrase 'plenty of bidders looking for a bargain' is quite contrary to II. So, II also does not follow.