LONDON (Commodity Online): The International Monetary (IMF) has sold around 18.5 tonnes of gold in March this year without drawing much attention from any quarters.
A report appeared in the western media said after India sold 200 tonnes of gold to India in November, this is the biggest sale it made in a month.
Reserves of gold at the Washington-based lender were 2,981.2 tonnes at the end of March compared with 2,999.7 tonnes at the end of February.
The IMF had plans to sell a total of 403.3 tonnes of gold. India, Mauritius and Sri Lanka bought 212 tonnes last year and the remainder is being sold on the open market. February sales were 5.6 tonnes, which combined with the March sales would leave 167.2 tonnes as of the beginning of last month.
The price of gold gained almost 6 percent in April, its biggest one-month rise since November, as the credit ratings downgrades of Greece, Spain, and Portugal, sparked a flight to safety into the metal.