Report sees slower gold sales

With European central banks unlikely to opt to sell the maximum allowable 500 metric tons of gold in their annual quota, gold prices should benefit from the reduced physical supply, according to a report by London-based consultancy Virtual Metals Ltd.

The 15 central banks under the European Central Bank Gold Sales Agreement, or CBGA, are entitled to sell 500 metric tons of gold a year under the agreement, but sales only stood at 331 tons at the end of July, the report said.

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