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The price gold yesterday only saw mild fluctuations on the international markets, after the IMF announced on Tuesday night that it had completed the sale of over 403.3 tons of gold from its reserves, as part of its two-year program intended to diversify its sources of income.
The price of spot gold climbed 0.2% on the London market at 12.16, reaching 1,388.67 dollars an ounce. However, on Comex New York, the price of gold with February delivery had dropped 0.1% at 09.45, to 1.388 dollars/ounce. However, American investors were still expecting the price of gold to resume its rise yesterday.
Gold has seen a rise of 27% this year, and in December it reached an all time high of 1,431.25 dollars ounce, after price rose for ten years in a row.
The IMF did not disclose the final details of the sale, but the institution had earlier announced that it would sell 200 tons of gold to the Central Bank of India and ten tons of gold to each of the central banks of Bangladesh, Sri Lanka and Mauritius. According to estimates, the proceeds from the sale amount to approximately 7.6 billion dollars, as the gold was sold at the market price.
In 2008, the IMF, one of the world"s largest gold holders, has decided to sell 13% of its reserves to diversify its finances. The buying of gold by the central banks has contributed to the rise in the price of gold.
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