Gold extended losses on Tuesday (February 26) as US Treasury supported gold sales by the International Monetary Fund (IMF), which holds more than 3,000 tons of bullion, reports Economic Times.
The Treasury had resisted seeking congressional approval for the gold sales until the move was tied to an IMF cost cutting plan, and has enough votes in the Fund to block any sales. Platinum retreated as investors booked profit from last week`s record high, palladium was below a 6-1/2-year high and silver held near its best level in 27 years.
Gold fell to USD 934.00/934.80 an ounce from USD 937.80/938.60 an ounce late in New York on Monday, but remained within sight of last week`s historic high of USD 953.60 an ounce.
Japanese platinum futures were also off record highs. The most active December contract on the Tokyo Commodity Exchange ended the morning session 41 yen per gram lower at 7,148 yen.
The IMF is the world`s third-largest gold holder, with 3,217.3 tons of bullion reserves. The last IMF gold sales in December 1999 and April 2000 were not put through the spot markets.
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