Result
The entire amount of 20 tonnes was sold at the striking price of $280 per ounce, which was equivalent to £191.02 at the 12.00 midday exchange rate of $1.4658 = £1.

Bank of England Announcement

The Bank of England announces that the gold on offer (approximately 20 tonnes or 643,200 ounces) has been allotted in full at a price of $280.00 per ounce. Details of the result are as follows:

Amount of gold on offer (approx.) 643,200 oz
Amount applied for 2,755,200 oz
Times covered 4.3 times
Amount allotted to bidders 644,400 oz
Allotment price $280.00
Scaling factor at allotment price 61.3818%
All accepted bids which were made at prices above the allotment price have been allotted in full at the allotment price. Valid bids made at the allotment price have been allotted an amount of gold equal to the amount bid for multiplied by the above scaling factor and rounded up to the nearest 400 ounces.
By close of business in London today, applicants whose bids have been successful in whole or in part will be notified by the Bank of England of the exact weight of the gold bars allotted to them and the amount payable in respect of their purchase. Payment must be made in US dollars to the Bank of England's account at the Federal Reserve Bank of New York, no later than 12 noon New York time on 14 September 2001.