The International Monetary Fund kicked off the sale of more than 400 tonnes of gold with a wallop, saying it sold almost half to India, the world's biggest gold consumer, at near-record prices. The IMF announced it sold 200 tonnes of gold to India's central bank over a two-week period last month for a total of 6.7 billion dollars to bolster its finances as it increases lending amid the global economic crisis. The sale to India was nearly half the 403.3 tonnes of gold that the IMF has targeted for sale over the coming years and came as gold prices were close to record highs.
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