Central bank gold sales to approach limit

Members of the central bank gold agreement (essentially the eurozone plus Sweden and Switzerland) have sold 396 tonnes in the first 10 months of the "gold year", as much as the total for the whole of last year.

The Swiss National Bank sold 34.1 tonnes in July and is likely to sell more before the end of the current year. Allowing for additional sales that are almost certain to come from central banks of Sweden and France will take the total up to around 470-480 tonnes for the year to end-Sep