Central Banks Have to Sell 203 Tons of Gold

Central banks have just until the end of September to sell 203 metric tons of gold if this year's gold agreement sales quota is to be fulfilled, according to World Gold Council figures Thursday, Dow Jones reported.

European central banks have sold just 297 tons of gold, far short of the 500 ton annual limit agreed by members to the Washington Gold Agreement, according to WGC.

Switzerland has sold the most, at 99 tons as of the end of June, while Sweden has sold seven tons as to July 7.

As of the end of May, the European Central Bank had sold 72 tons of gold, France had sold 85.6 tons and the Netherlands had offloaded 19.5 tons of the metal while a country not yet known has sold 14 tons of gold, according to the figures.

Last agreement year, from Sept. 27, 2006 to Sept. 26, 2007, the Eurosystem banks plus Sweden and Switzerland sold 475 tons of gold. The five-year agreement runs out next year.