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Gold sales by CBGA members may be lowest since 1999 - WGC

posted on Aug 20, 2008 08:27PM

LONDON, Aug 20 (Reuters) - Sales of gold by signatories of the Central Bank Gold Agreement could be the lowest since the pact was signed in 1999, the World Gold Council (WGC) said on Wednesday.

Around 319 tonnes of gold has been sold so far by the European central banks party to the agreement, out of a quota of 500 tonnes allowed in each year of the pact.

"Taking account of publicly available information on central bank intentions, it seems possible that net selling in the current CBGA year, which ends on Sept 26, could be the lowest since the first CBGA was signed in 1999," said Jill Leyland, economic adviser to the WGC.

(Reporting by Jan Harvey; Editing by Michael Roddy) Keywords: GOLD/CGBA

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