(Bloomberg) -- Gold in New York rose the most three
months 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 jumped 2 percent.
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
months 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 jumped 2 percent.
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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