Recently, gold sales of 403.3 metric tons, valued at about $13 billion, were approved by the International Monetary Fund's executive board, which also promised to avoid disrupting the market with the transaction.

The IMF, the world's third-largest holder of gold reserves, confirmed its willingness to sell gold directly to central banks and the Washington- based lender said in an e-mailed statement today: "The sales could also be conducted in the open market in a phased manner over time."

IMF Managing Director Dominique Strauss-Kahn, specified, "These sales will be conducted in a responsible and transparent manner that avoids disruption of the gold market."

Last year witnessed the IMF board endorsing the quantity to be sold, which estimated for one-eighth of the IMF's total gold stockpile, as part of a plan to shore up its finances. With the help of this sale, the agency will also be able to lend at reduced rates to low-income countries.

A fall by $3.20, or 0.3%, was evident in gold futures for December delivery, to 1,010.30 an ounce today on the New York Mercantile Exchange's Comex division.

In the month of June, the U. S. Congress passed legislation, allowing the American representatives at the IMF to agree to the sale.