Euro central banks reach new gold sales agreement

European central banks said on Monday 8 March they had reached a new agreement that increases the limits on their annual gold sales to 500 tons annually over the next five years.

Click here to read the joint statement on gold

The new accord, which is signed by the European Central Bank and the 12 euro region central banks, plus the Swiss National Bank and the Swedish Riksbank, raises the total volume from 400 tons a year in the current gold accord. It will go into effect on Sept. 27, 2004.

The U