FINANCIAL TIMES SUNDAY

European central banks cut sales of gold By Javier Blas in Kyoto Published: September 28 2008 18:30 | Last updated: September 28 2008 18:30 European central banks have cut their sales of gold to the lowest level in almost a decade, reversing the practice of recent years when hefty sales helped depress prices. Institutions bound by the Central Bank Gold Agreement – the banks of the eurozone plus Sweden and Switzerland – sold about 343 tonnes of gold in the year that expired on Friday, the lowest amount since the first CBGA was signed in 1999.