ECB and SNB say formal gold selling pact no longer needed, won't be renewed

Author: Adam Button | Category: Central Banks

ECB says no major gold sales planned

The ECB, SNB and 21 European central banks say they will not renew the central bank gold selling agreement. They say the agreement is no longer needed as the market has developed and matured.

"Signatories of the 4th central bank gold agreement no longer see need for formal agreements," the statement said. "When it was introduced, the agreement contributed to balanced conditions in the gold market by providing transparency regarding the intentions of central banks."

The agreement will expire on Sept 26.

This could spark fears of central bank selling but the headlines aren't having an effect. Gold prices are up $6 to $1420 today.

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