Bank of England sells gold at $279.75/oz: Just 1.3 times oversubscribed.
LONDON (Reuters, 12 Jul 2000 -- - The Bank of England sold 25 tonnes of gold, or 803,600 ounces, at $279.75 a troy ounce on Wednesday, a price below market expectations.
The sale was just 1.3 times oversubscribed, with a scaling factor of 2.6667 percent applied to the successful bids at $279.75, the Bank of England said.
The auction attracted bids totalling 1,046,400 ounces.
Immediately before the auction, spot gold was indicated at $282.00/$282.50. It fell to $279.65/$280.15 after the result. Bullion dealers had expected an auction price around the morning fix of $282.85.
The auction was the second of a second series aimed at cutting Britain's 715-tonne gold reserves by 415 tonnes. The third sale of the latest set will be on September 19, the Bank of England said. |
