IMF Completes Sales of Over 200 Tons of Gold to India, Sri Lanka, Mauritius and Bangladesh

Gold rose for a fourth day in London, buoyed by the International Monetary Fund announcing that it completed a planned sale of some of its bullion reserves. Silver, platinum and palladium also advanced.

The IMF sold about 403.3 metric tons, or 13 percent of its reserves, in a program that began in September 2009, the Washington-based group said yesterday. The total amount sold was equal to about 15 percent of global mine supply, according to data GFMS Ltd., a London-based research company.

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More than half the IMF gold was bought by the central banks of India, Sri Lanka, Mauritius and Bangladesh, according to past announcements. With the IMF’s sales complete, few others are selling gold, said Suki Cooper, an analyst with Barclays Capital in New York, in an e-mailed report today.

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