(Bloomberg) -- Gold rose in New York on speculation
that central banks will slow metal sales after the European
Central Bank said it has no plans to sell more bullion through
September. Silver also gained.
The ECB is one of 16 signatories of the so-called Central
Bank Gold Agreement, which allows members to sell no more than
500 metric tons of gold each year. The ECB said today it sold 60
tons since September. The metal fell 6.6 percent to $651.50 an
ounce on May 24 from an 11-month high of $698 on April 20. Some
European central banks sold gold worth $912 million last month.
Read more at Bloomberg Commodities News
that central banks will slow metal sales after the European
Central Bank said it has no plans to sell more bullion through
September. Silver also gained.
The ECB is one of 16 signatories of the so-called Central
Bank Gold Agreement, which allows members to sell no more than
500 metric tons of gold each year. The ECB said today it sold 60
tons since September. The metal fell 6.6 percent to $651.50 an
ounce on May 24 from an 11-month high of $698 on April 20. Some
European central banks sold gold worth $912 million last month.
Read more at Bloomberg Commodities News
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