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. Last Updated: 07/27/2016

Swiss Sell More Gold




ZURICH, Switzerland -- witzerland's central bank has sold another 8.9 metric tons of gold, bringing the total since sales started at the beginning of May to 15.4 tons, figures released Monday showed.


The Swiss National Bank has said it plans to put a maximum of 120 tons on the market by the end of September. The bank initiated the sale May 1, when Switzerland's new currency and payment law came into effect.


The government plans to use 1,300 tons of gold - half of the Swiss National Bank's 2,600 tons of reserves - to underpin the Swiss franc, and has designated the other 1,300 tons as surplus.


Officials have promised that Switzerland will conduct its sales gradually, without disrupting the gold market. The sale is to be staggered over several years.