Bundesbank caps gold sales for next year at 6.5 tonnes

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The Bundesbank announced on Friday that it would cap its gold sales for the next year at 6.5 metric tonnes, due to be sold to Germany's Finance Ministry.

Gold prices fell to a two week low of $986.70 per ounce following the announcement, but analysts suggested that the fall may have more to do with weaker than expected economic data in the US.

In a statement, the central bank said that the remaining sales allowance will be offered to the other members of the Central Banks' Gold Agreement, which

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