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. Last Updated: 07/27/2016

IMF to Halt Gold Sales

WASHINGTON -- The International Monetary Fund hopes to stabilize nervous gold markets by making a public statement abandoning plans to sell part of its gold reserves for a certain period, an IMF document said Thursday.

An internal document also outlined the fund's plan to revalue 10 million ounces of its gold reserves to fund a debt relief initiative for poor countries. Under the plan, none of the IMF's gold would be sold on the open market, a prospect that had spooked gold markets.

The document said many of the fund's directors believed "that a public statement ... should effectively limit the amount of gold that the fund would use for this purpose and would renounce any further gold sales for a given period of time in the future."