The IMF managed to net a gain of $2.79 billion on the 403.3 tonnes of gold it sold between Septenber 2009 and December 2010. That's a lot of extra money at the institution's disposal. The original plan was to use the proceeds to lend to developing countries at reduced rates, but there's also some support for putting some of the proceeds into the fund's precautionary balances or its endowment.
Most likely, the fund got rid of the gold because its experts thought the price was too high to be sustainable, or high enough to provide funds to meet demands made on it.
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