LONDON (Dow Jones)--The Swiss central bank sold around 35 metric tons of gold in July, data released by the Swiss National Bank showed Wednesday.
The bank said gold holdings fell by CHF917 million to CHF31.81 billion in July.
Allowing for exchange rate and gold price movements, this implies sales of around 35 tons last month, which is more than double the 13.9 tons sold in June, analysts said.
Recently, Switzerland proposed to sell up to 250 tons by September 2009 as part of a strategy to shift its reserves into more profitable fixed-income instruments.
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