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Central banks may soon renew a pact limiting official gold sales ahead of its September expiry, with an announcement possibly coming this week, analysts said on Wednesday.
Under the current Central Banks Gold Agreement (CBGA), which dates back to 1999, 15 European banks agreed to limit sales of gold to 2,000 tonnes over five years to prevent uncoordinated sales from destabilising the market.
Meetings of the European Central Bank (ECB), World Bank, International Monetary Fund (IMF) and Bank of International Settlements (BIS) have come increasingly under the microscope as September approaches.
The current pact took the gold market completely off guard when it was announced on the sidelines of the September 1999 IMF/World Bank meeting in Washington.
With an ECB Governing Council session due on Thursday, analysts have hinted at hearing something about the accord's imminent renewal.
"The decision will be taken by an ECB board meeting - there is one tomorrow and there is another one next month - it could happen after a meeting anytime between tomorrow and September," Frederic Panizzutti, analyst at Switzerland-based MKS Finance, said.
"We think that the agreement's aim is to bring stability to the market and avoid any speculation about unexpected sales.
Kamal Naqvi of Barclays Capital said it made more sense for renewal to come in April, when the IMF and World Bank meet.
"Given that the first agreement was announced at or just before the IMF/World Bank meeting, the feeling is that they may follow a similar pattern and announce it in April."
Analyst forecasts on sales limits in a new agreement have ranged from no change to 2,500 tonnes over five years.

Copyright Reuters, 2004

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