Fukuda said the IMF was yet to finalise plans but its announcement earlier this year raised concerns about how much gold could be put into the market."We have done a lot of research at the World Gold Council and it is quite clear this is not in the interests of these countries because many of these countries are gold producers and exporters," she told reporters at a briefing.

"If by the IMF's actions the gold price was to decline it actually does not help these countries because export earnings decline."

IMF managing director Michel Camdessus said in April that the IMF planned to sell some of its 103 million ounce stock pile to pay for a programme of debt relief to help poor countries.

Some ministers have argued for sales of five million ounces, while others have pushed for sales of 10 million ounces or more.

Fukuda wasnamed in February as the new chief executive of the World Gold Council which is funded by mining companies to promote gold.

Fukuda said an increasing amount of the council's time was also taken up with liaising with central banks, which have put pressure on gold prices through the sale of reserves.

She said there was unlikely to be further pressure on gold prices from countries who have linked their currencies to the euro.

"There are only two European central banks that have sold gold, and they are not likely to sell any more, and they are Belgium and Holland," she said.

"They did so because they needed to raise capital ahead of joining the euro."

Fukuda said in the past 10 years gold sale by central banks in Australia, Argentina, Canada, Belgium and Holland had been partly offset by purchases by central banks in other nations.

"In fact the net amount of sales from the official sector in the last 10 years was only 312 tonnes. Hardly a landslide," she said.