IMF sells two tonnes of gold to Mauritius

WASHINGTON, November 17, 2009 (AFP) – The International Monetary Fund announced Monday it has sold two tonnes of gold to the central bank of the Indian Ocean island of Mauritius for nearly 72 million dollars. The sale came as gold prices surged Monday to an all-time high of 1,136.72 dollars per ounce.

The sale to Mauritius “was conducted on the basis of market prices prevailing on November 11, 2009 with proceeds equivalent to US 71.7 million dollars,” the IMF said in a statement.

It was the second such sale by the fund since September when its executive board authorized the sale of 403.3 tonnes of gold from its holdings to bolster its finances amid the global economic crisis.

On November 2, it sold 200 tonnes of gold to the central bank of India for 6.7 billion dollars.

The IMF said it would sell gold directly to central banks and other official holders for an initial period before selling the remaining amount on the open markets “in a phased manner over time.” The Washington-based IMF, which currently holds just over 3,000 tonnes of gold, is the third-largest official holder of the precious metal after the United States and Germany.