Do you know how much of gold is going to enter the market soon? Around 12.97 million ounces of gold is all set to come to the market with the International Monetary Fund deciding to sell its yellow metal holdings to tide over its financial woes.
According to IMF, the body is planning to raise $6 billion from the sale of the 12.97 million ounces of gold, about 12% of the total holdings it has.
Market analysts have already made statements on how this move will affect the bullion market.
However, IMF officials said the sale would likely take place over several years in an effort to avoid market disruption. According to analysts, the news of the IMF decision will most probably affect the bullion market.
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 103.4 million ounces of gold. As of 20 February, they were worth $95.2 billion. It is a fundamental step that will enable IMF to remain an independent, astute, and dynamic international organisation.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'.