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The International Monetary Fund on Wednesday said it has sold 10 metric tonnes of gold to the Central Bank of Sri Lanka. The lender said the sale was conducted on the basis of the market prices prevailing on November 23, with the sale proceeds equaling US$375 million.
The sale is part of the total sales of 403.3 metric tonnes of gold approved by the IMF Executive Board in September. Sri Lanka is the third purchaser of gold from the IMF, after the central banks of India and Mauritius. Thus far, the lender has sold a total of 202 metric tons.
Gold surged to a record high again on speculation of more central bank buying. The advance was also underpinned by a declining U.S. dollar.
Adding to the upward momentum was a newspaper report that India was planning to buy more gold. A report in the Indian daily Financial Chronicle said, citing a government official, that the Reserve Bank of India may well buy IMF's remaining gold on acceptable terms, which are now under negotiation.
Russia is also planning to increase its gold holdings. Elsewhere, Vietnam reportedly allowed quotas for gold imports. Yesterday, the country devalued its currency "dong" and raised interest rates.
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