IMF plans gold sale to raise at least $6bn
8 Apr 08
The International Monetary Fund votes to sell some of its gold holdings as part of radical plans to shore up its troubled finances
It hopes to raise at least $6bn (£3bn) from the sale of 12.97 million ounces of gold, about 12% of the total held.
As the IMF's role as a lender to troubled economies shrinks, so it needs to find other ways to access funds.
Gold has surged recently as traders looked for havens to protect their cash from troubled financial markets.
The gold sale has the support of the US Treasury, but is dependent on approval by US Congress.
It also relies on approval from many of the 185 countries that are members of the Washington-based institution.
IMF boss Dominique Strauss-Kahn called the decision a "difficult but necessary choice" that will help to modernise the group and put it on a "solid financial footing".
IMF officials said the sale would likely take place over several years in an effort to avoid market disruption.
Gold prices reached an all-time record above $1,000 an ounce in March, but have been volatile since then.
Gold futures for June delivery added $13.60 to $926.80 an ounce in New York trade.
The IMF holds 103.4m ounces of gold. As of 20 February, they were worth $95.2bn.