Gold prices higher on central bank rumours

Gold prices rose on Wednesday on rumours that the terms of the Washington Accord of 1999, where Europe's central banks agreed to restrict sales of gold to 400 tonnes a year, were to be renewed.

Source: Financial Times

Gold shot higher on Wednesday as end-of-month options expired at about midday in Europe and on rumours of changes to restrictions of central bank selling of the commodity.

Spot gold surged $6.40 to $370.40 as fund buyers, pushing for a strike price of about $370, were encouraged by