Bank of Portugal offloads 10 tonnes of gold

The Bank of Portugal has said it has sold 10 tonnes of gold from its reserves over the past month.

The aim is to diversify the central bank's reserves. The proceeds will be held in a special reserve, it said.

The Bank of Portugal had sold 35 tonnes of gold this July, and had sold 20 tonnes last December.

The sales are part of an agreement signed in Sept 2004 by the ECB and the European national banks. It limits annual gold sales to 500 tonnes by 2009.

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