LONDON -(Dow Jones)- Net sales of gold by central banks in the first half of 2009 plunged by 73% on the year to 39 metric tons, the London-based consultancy GFMS Ltd. said in a report Monday.
Central banks sold 95 tons of gold and bought 56 tons. Gold purchases were nearly double on the year, but were down 39% compared with the second half of 2008.
Most of the sales were by European countries party to the Central Bank Gold Agreement. France was the biggest seller with sales of 44 tons, followed by the European Central Bank at 35.5 tons.
GFMS didn't give a breakdown of purchases by country. The consultancy said it didn't believe China was a substantial buyer in 2008 or in the first few months of this year.
"We see no evidence of large-scale and direct purchases in the open market by this country either in 2008 or during the first few months of 2009."
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