The International Monetary Fund (IMF) has approved the sale of one-eighth of its gold reserves as China, India and Russia have indicated interest in such purchases as a way of reducing their position in dollar-denominated securities. It may be noted that the IMF is the third largest official holder of gold in the world with 3,217 metric tons after the United States and Germany. While most of this will be sold directly to the respective central banks, any sale in the open market can also pressurise gold prices in the near term.