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. Last Updated: 07/27/2016

Gold Eases After Sale

LONDON -- Gold eased by $1.25 per ounce to $289.00/$289.75 after a Bank of England auction Tuesday.

Immediately before the sale, the price had been at $290.25/$291. The market's reaction was slow, with no change in prices until 12:19 p.m., after the sale was announced at 12:15 p.m.

The approximately 25 tons, or 803,600 ounces, of gold on offer were allotted in full at a price of $289.50 an ounce.

Gold had fixed Tuesday morning at $288.70 an ounce.

By 12:25 p.m., spot gold was quoted at $289.25/$290.