US gold futures closed at a near-four-month low on Monday, depressed by a weaker euro and uncertainty about what the International Monetary Fund may do regarding possible sales or a revaluation of its gold holdings. April delivery gold at the New York Mercantile Exchange's COMEX division fell 50 cents to $415.40 an ounce, after trading from $417.70 to $414.00, which was its cheapest since October 13. On a closing basis, it was the contract's lowest since September 27.
Gold has been in retreat for three straight sessions amid a resurgent dollar and concerns that the IMF may start selling a portion of its massive gold reserves to help finance debt relief for the world's poorest nations.
Dealers said a blend of fund long liquidation and stop-loss selling pulled prices lower, although bargain hunting at lower levels and physical demand for gold, particularly from Southeast Asia, have given support to the market.
"At the moment the risk of further downside pressure remains the greatest, with (foreign exchange) traders seemingly more optimistic toward the greenback and speculation of IMF gold sales," said James Moore of TheBullionDesk.com.
Finance chiefs from the Group of Seven industrialised nations who met in London this weekend said IMF Managing Director Rodrigo Rato would look at proposals to revalue or sell gold reserves.
The IMF, which will report back in April on debt relief, is the world's third-biggest holder of gold bullion, with more than 100 million ounces. Under a 1971 agreement, most IMF gold is valued at $40 to $50 an ounce, about a 10th of current market prices.

The prospect of outright sales was unlikely due to expected opposition from the United States, which has key voting rights within the IMF, traders and analysts said.
After the weekend G7 meeting produced no change in foreign exchange policies, markets barely reacted to US President George W. Bush's budget proposal for fiscal 2006.
Bush forecast a fall in the budget deficit to $251 billion by fiscal 2008 - excluding costs of war and Social Security. That would be down to 1.7 percent of gross domestic product, from 3.6 percent in fiscal 2004.
The US currency rose to a three-month high against the euro at $1.2731 by midafternoon in New York. The euro has fallen 6 percent against the dollar since the start of the year.
A stronger greenback makes dollar-denominated metals such as gold more expensive for non-US investors.
The latest weekly Commitments of Traders data from the Commodity Futures Trading Commission were seen as neutral to supportive for the market.
The net fund long position in COMEX gold futures was slightly lower at 28,118 contracts as of February 1 versus 28,345 lots on January 25.
Spot gold ended trade in New York at $413.80/4.60 an ounce, having hit its lowest since mid October at $413.00. That compared with $415.20/416.00 late in New York on Friday.
Chartists pegged support in spot gold down at the 200-day moving average near $412, with key chart resistance at $418.
March silver fell 8.0 cents to $6.555 an ounce, its lowest closing price since January 10, after trading between $6.70 and $6.54. Spot slid to $6.52/55 from $6.61/64 at the prior close. Monday's fix was at $6.595.
April platinum rose $1.40 to $867.40 an ounce. Spot platinum reached $866.50/871.50.
March palladium fell $1.30 to $180.75 an ounce. Spot was at $176.50/181.50.