IMF slowed rate of gold sales by 40 pct in Oct. vs Sept.

* Cumulative on-market sales 148.6 tonnes by October (Recasts, adds details, background)

"NEW YORK/WASHINGTON Nov 29 (Reuters) - The International Monetary Fund has slowed the rate of selling its gold by 40 percent in October from the previous month, as interest among central banks to own the metal increased as a hedge against economic uncertainty.

The IMF sold 628,000 ounces (19.5 tonnes) of gold in October as part of its previously announced open-market bullion sales plan, an IMF spokesman said on Monday.

October's gold sales were sharply below the 1.04 million ounces sold in September, when nearly a third of the sale was going to Bangladesh.

The IMF said late last year it would sell 403.3 tonnes or one-eighth of its total gold reserves to boost its lending resources. The fund said the sale would avoid disruptions to the gold market.

Many analysts expect world central banks as a group could become net buyers this year despite IMF's gold sales, reversing a trend in the last several decades."