IMF confirms gold sales made by Venezuela's central bank in August

Venezuela sold 3.73 tons of gold bars in August, thus leaving its bullion reserves at 362.05 tons, according to figures disclosed by the International Monetary Fund (IMF), Reuters reported on Thursday.

On 25 September, Reuters, citing a report prepared by the International Monetary Fund with relevant statistics for each country, informed that in August the Central Bank of Venezuela (BCV) had sold gold from the international reserves.

The report added that Venezuela's gold reserves amounted to 362.05 tons, after a decline of 3.7 tons.

Brazil added almost two tons of bullion to its reserves in September, Reuters said in its report on Thursday.

Russia, Belarus, Kazakhstan and the Czech Republic also reduced their gold assets during September, according to the IMF report.

Gold prices have been greatly favored by purchases by central banks. A year ago, they hit record highs and remain above USD 1,700 per ounce, more than double the level of five years ago.

"Since the highly publicized return of bullion to the country, Venezuela has been a net seller of gold, with a prior sale of 119,000 ounces in July and a larger amount scheduled for December," said Swiss bank UBS in a report.

"We must assume that, given its priorities in recent months, the country will maintain its policy, albeit irregularly," UBS added.