Central bank continues gold sale
The Swiss National Bank has sold around 7.7 tonnes of gold over the last 10 days, bringing the total amount to 109 tonnes since the policy started in May.
According to figures released on Thursday, the SNB’s gold reserves fell by SFr116.3 million ($65.3 million) to SFr37.5 billion.
That means 7.7 tonnes of the metal were sold based on the bank’s valuation at just over SFr15 per kilogramme.
The policy of selling gold corresponds to the government’s new currency and payments law which came into effect on May 1.
The government plans to use 1,300 tonnes of gold to underpin the Swiss franc. That accounts for half the central bank’s gold reserves. The other half has been designated as surplus.
The SNB plans to place a maximum of 120 tonnes of gold on the market by the end of September and is selling small amounts at regular intervals to avoid destabilising the price.
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